Bitcoin traders expect the BTC price to hit $70,000 as the market reduces its bets on the Federal Reserve cutting interest rates.

Bitcoin was lower at the opening on Wall Street on October 17 as US jobless claims increased interest rate cuts.

Bitcoin centers around $67,000 after US jobs data

Data from Cointelegraph Markets Pro and TradingView tracked a cool day for Bitcoin (BTC) price action after surging to an 11-week high of $68,400.

At the time of this writing, BTC/USD is hovering around $67,000, enduring mixed US unemployment data.

This was lower than expected for new jobless claims of 258,000, while ongoing claims were slightly higher than expected.

As a result, market confidence in the size of the rate cuts the Federal Reserve will enact in the coming months has decreased.

Odds overwhelmingly favor a 0.25% downward adjustment at the Federal Reserve’s November meeting, according to the latest statistics from the CME Group FedWatch tool.

On this day, the European Central Bank (ECB) delivered an expected 0.25% cut.

With no immediate macroeconomic catalysts in play, Bitcoin and cryptocurrency market participants’ attention has focused on the Federal Reserve meeting and the US presidential election taking place the same week.

“The US election is the next major catalyst for BTC and cryptocurrencies, but markets remain uncertain about where BTC will go after the election,” noted trading firm QCP Capital in its latest bulletin sent to subscribers of its Telegram channel.

“Options expiring near the election are trading at a 10% premium compared to other expiration dates. “With everyone focused on the election, any change in the polls or a candidate’s campaign narrative will amplify spot prices.”

Excitement and trepidation as BTC price approaches record highs

While analyzing the near-term BTC price movement, opinions were mixed on whether the bulls could maintain their current momentum.

relevant: Bitcoin profit-taking is nearing its $74,000 peak as speculators send $500 million to Binance.

“The recent short squeeze has largely run its course,” X account TheKingfisher suggested in part of a recent post.

“On the bullish side, only a significant ‘toxic’ level of 71.3k remains in 2024, giving us a trading range of 60.2k to 71.3k. Another rally towards 73,000 is likely, but this could lead to another correction towards 60,000 and the market could debt again.”

Data from monitoring resource CoinGlass shows that requested liquidity increased by about $68,000 and collected at around $68,500 (just above the previous day’s high) after the BTC price pushed liquidity lower.

Nonetheless, many voices favored a sprint past the all-time high of $69,000 in 2021.

“Regardless of the ruthless reaction to economic data, bulls want prices to remain above key MAs,” wrote Keith Alan, co-founder of trading resource Material Indicators, in part of a recent X post. afternoon.

“IMO a consolidation above the 2021 Mid-Cycle Top before breaking $70,000 would be healthier than a straight tear, but the market doesn’t care what I think.”

The attached chart shows a moving average (MA) trend line and long and short signals for one of Material Indicators’ proprietary trading tools.

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.