BTC price targets $68,000 as US unemployment outpaces the odds of a Federal Reserve rate cut.

Bitcoin (BTC) erased losses at the Wall Street open on October 24 as US unemployment data delivered another surprise.

BTC price continues to rebound amid US unemployment claims

BTC price rose 1.5% on the day, according to data from Cointelegraph Markets Pro and TradingView.

Initial unemployment claims fell below expectations for the second week in a row at 227,000, compared to 241,000 on Oct. 17, following a solid rebound from a 10-day low of $65,000.

Bets that the Federal Reserve will cut interest rates again at its Nov. 7 meeting have increased slightly to 92.9%, according to data from CME Group’s FedWatch Tool.

BTC price action has therefore approached a resistance liquidity cloud around $68,000, order book coverage from monitoring resource CoinGlass showed.

Popular trader Justin Bennett noted in a recent post on

“Do you want to target $65,800 and potentially sell short before the monthly open? Any daily close above $68,200 will be void.”

Meanwhile, cryptocurrency trading platform Hyblock Capital attempted to explain the trip to $65,000.

“BTC price started to fall early this week. “Longs have started chasing to catch the bottom (highlighted in green),” the caption accompanying the chart said.

“Prices fell further and trapped these buying forces. “Most of the recent declines have been aggressive liquidation of long positions.”

Bitcoin Breakout Depends on Weekly Close

Trader and analyst Rekt Capital remained positive while updating X followers on the company’s progress in overcoming seven months of resistance following its record high in March.

relevant: Bitcoin analysis shows ‘risk aversion’ lowered as retail demand rises 13%.

He argued that the best outcome for a sustained breakout would be for the current weekly candle to close above $67,900.

“Bitcoin is still retesting the channel top (black) as support on the daily period,” he continued.

“Yes, Bitcoin bears have briefly moved lower, but the continued candle closing above the top of the channel means the price is trying to solidify sustainable support here.”

This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.