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The price of Bitcoin 
$107,490 has dipped below $101,000, with renewed selling accelerating after the U.S. market opened. This situation poses challenges for altcoins as negative sentiment is likely to be exacerbated by the upcoming Fed minutes, which are not anticipated to reveal encouraging news. This raises the question: what data has been released?
U.S. Data and Its Impact on Crypto
At the time of writing, the U.S. JOLTS data has been published. The Federal Reserve does not plan to reduce interest rates more than twice this year unless there is a significant drop in inflation. The latest data reflects U.S. job openings, which is crucial for understanding labor demand.
Implications of Job Openings Data
A favorable scenario for cryptocurrency investors would be job openings coming in below expectations and the previous month’s figures. Conversely, if job openings significantly exceed expectations, it indicates a robust labor market and could support the Fed’s stance on maintaining interest rate cuts.
- U.S. JOLTS Job Openings Reported: 8.098M (Expectation: 7.74M Previous: 7.744M)
At the time the data was released, the price of BTC had fallen to $99,925. The lack of necessary support during the test at $103,000 may indicate a liquidity grab. The market’s direction will become clearer in the hours ahead, with ISM PMI data also rising unfavorably for cryptocurrencies.
