Bitcoin (BTC) experienced a slight dip of 0.20%, settling at $63,000, but is still maintaining a bullish outlook in the latest bitcoin price predictions. The recent rise in jobless claims to 231,000, the highest since August 2023, has prompted speculation about a potential cooling U.S. labour market, which may lead to earlier rate cuts by the Federal Reserve. This could impact Bitcoin’s attractiveness as a non-traditional investment option. The softening labour market has historically been a driving factor for Bitcoin prices as investors turn to alternative assets.
The increase in initial jobless claims reported by the Labor Department for the week ending May 4 has raised concerns about the economic strain and a possible slowdown in the labour market. With claims reaching 231,000, well above estimates, discussions about the Federal Reserve’s potential early rate cuts to stimulate growth have emerged. The recent spike in jobless claims, along with a gradual economic slowdown, has led to talks about the Fed’s response to these conditions and the impact it may have on Bitcoin as investors seek out riskier assets.
April’s nonfarm payroll data showing a gain of only 175,000 jobs, below expectations, further adds to concerns about the labour market. Despite this, the unemployment rate remains stable at 3.9%, indicating that the job market may be normalizing rather than experiencing a crisis. The Fed’s goal to maintain a 2% inflation rate has officials closely monitoring these developments. Analysts have noted the surprising increase in jobless claims, suggesting potential fluctuations in the labour market, which could influence the Fed’s decision-making process.
As expectations build for the Fed to ease monetary policy in response to a weakening job market, potentially starting rate cuts as early as September, Bitcoin could benefit from lower interest rates that make riskier assets more appealing. Bitcoin’s current trading price at $63,000, with immediate resistance levels at $64,851, $67,084, and $69,356, indicates a bullish sentiment in bitcoin price predictions. Should bullish momentum continue, Bitcoin may see further upside potential, while support levels at $58,852, $56,677, and $54,327 offer downside protection.
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