BTC price aims for $68K as US unemployment beat ups Fed rate cut odds

Bitcoin (BTC) erased losses into the Oct. 24 Wall Street open as US unemployment data delivered another surprise.

US jobless claims sustain BTC price rebound

Data from Cointelegraph Markets Pro and TradingView revealed 1.5% BTC price gains on the day.

A firm rebound from ten-day lows of $65,000 continued as initial jobless claims came in below expectations for a second consecutive week at 227,000 versus 241,000 on Oct. 17.

Bets that the Federal Reserve would cut interest rates again at its Nov. 7 meeting increased modestly as a result to 92.9%, per data from CME Group’s FedWatch Tool.

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

“$BTC short liquidations at $68,200, also the failed level from Monday,” popular trader Justin Bennett noted in his latest post on X. 

“Sweep shorts before retargeting $65,800 and potentially the monthly open? Invalidation on a daily close above $68,200.”

Crypto trading platform Hyblock Capital meanwhile sought to explain the trip to $65,000.

“The price of $BTC started decreasing at the start of the week. Longs began chasing, trying to catch the bottom (highlighted in green),” it explained alongside a corresponding chart.

“Price fell further and trapped these longs. Most of the recent downmove is aggressive longs closing their positions.”

Bitcoin breakout hinges on weekly close

Updating X followers on progress beating out seven-month resistance in place since the March all-time high, meanwhile, trader and analyst Rekt Capital stayed positive.

Related: Bitcoin analysis sees ‘lower risk aversion’ as retail demand adds 13%

The best outcome for a breakout with staying power, he argued, would be if the current weekly candle were to close above $67,900.

“Bitcoin is still retesting the Channel Top (black) as support on the Daily timeframe,” he continued.

“Yes, Bitcoin downside wicked below briefly but continued candle-closes above the Channel Top mean that price is trying to solidify a sustainable support here.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.