Bitcoin (BTC) failed to sustain its bounce in the Wall Street open on May 9, with new macro data reinforcing the strength of the risk asset.
Bitcoin ignores missing US unemployment claims
BTC briefly surged to $61,750 but failed to hold, according to data from Cointelegraph Markets Pro and TradingView.
This comes on the back of recent U.S. unemployment claims expected to reach a nine-month high, 231,000 to 212,000.
The Federal Reserve cited recent signs of labor market tensions as a key reason for considering a rate cut.
Nonetheless, at the time of writing, BTC/USD is in no mood to celebrate, falling below $61,000.
“Big bids were seen between $59,000 and $60,000,” said popular trader Daan Crypto Trades. famous In his recent order book analysis for X (formerly Twitter).
“This also makes sense in terms of price levels. Because the range is also low. It is yet to be seen whether prices will seek liquidity there. Please keep in mind that this order can be removed at any time.”
Cointelegraph previously reported that while BTC/USD remains within a tight trading range, liquidity occurs both above and below the spot price.
Meanwhile, trading company QCP Capital suggested that this behavior will continue in its latest update to Telegram channel subscribers.
“The market is currently pricing in two Fed cuts this year, with the first one not expected until September. To make matters worse, BTC spot ETF flows have flattened out again since last Friday and as recently as Monday, following significant inflows.” I wrote:
“- We are not seeing any bearish panic on the desk, but we are seeing a growing number of trades indicating low volatility and a consolidation outlook.”
Trader: $110,000 BTC price still valid.
Adopting a more optimistic view, renowned trader Titan of Crypto has outlined a potential upside target of $75,000 at the end of the current consolidation period.
Related: How Low Can Bitcoin Price Go?
The accompanying chart shows the potential for an inverted head and shoulders pattern to form, limiting the decline to levels well above $55,000 if it re-enters the market.
“The worst-case scenario is that BTC falls to the bottom line of a descending expanding wedge,” he said. explained.
More broadly, the Titan of Crypto expects Bitcoin to hit six figures for the first time, acknowledging that this will require “time and patience” from market participants.
“Watch the $61.5k level. Manipulation may occur there,” reads part of the May 8 X post.
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.