Bitcoin (BTC) price At $61,200, altcoin investors are largely smiling. While some cryptocurrencies are making gains exceeding 5%, the rally is likely to accelerate if BTC can make higher highs. On the other hand, unemployment claims came in as expected and above the previous month. This is positive as the weakening employment squeezes the Fed.
QCP Analysts Bitcoin Comment
QCP market analysts discuss yesterday’s employment revision and other developments. Kamala Harris’s Fed minutes crypto- The signals that they will not take a negative stance on the issue were the most important developments of the last 24 hours. The assessment that analysts have just published is as follows; A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
“The downward revision in U.S. nonfarm payrolls data signaled a weakening labor market, sparking concerns that the Fed may delay rate cuts and triggering the sell-off.
Those concerns faded after the July FOMC minutes revealed that some policymakers were open to cutting rates and signaled a more dovish stance balancing inflation and employment targets.
The dovish tone lifted risk assets, pushing BTC above $61,800 and was supported by strong buying on Coinbase through 4 a.m. SGT. Aggressive bidding on Coinbase (indicating US onshore demand) was a good signal for short-term trends.
“Attention now turns to Fed Chair Powell’s Jackson Hole speech tomorrow for further rate cut signals. While markets are heavily betting on rate cuts, unexpected economic data could have a significant impact. We prefer capital-protected products that capture upside gains.”
Cryptocurrencies Comment
Bitcoin We need to continue to see closes above $61,300. This is a significant support for price recovery in the medium term. If BTC If it can stay strong, a new attempt at $70,000 may begin after the $63,000 and $65,000 levels. On the other hand, those who see every rise as an opportunity for short selling hope that this recovery will also reverse.
However crypto- If it is not today that is full of surprises and the days when they turn upside down, then in the next trials. futureWhen we examine historical data, we see that such painful increases have occurred many times.
BTC is falling and rising rapidly, but the rally could accelerate above $61,900 and $63,329.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
