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Bitcoin (BTC) was trading at $62,850 at the time of writing, and the US JOLTS data was about to be released. After Bitcoin’s price approached the $64,000 mark yesterday and then pulled back, resistance attempts in altcoins began to be postponed. The risk of falling to support levels is increasing.
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Fed Chairman Powell was speaking at the time of writing, and we had covered the details of his speech in the previous news. He reiterated that the Fed would act if a weakening in the labor force is observed. The JOLTS data is crucial here. Since it reflects the vitality of the employment front, this data needs to come in below expectations.
The data has now been released. The US JOLTS data showed: 8.14M (Expectation: 7.95M – Previous: 8.059M). Accordingly, job openings remain high and have even increased compared to the previous month. Not only did it exceed expectations, but the increase compared to the previous month is discouraging for risk markets. While Powell is hoping for a weakening in the labor force at this moment, the JOLTS data came out against cryptocurrencies. Although BTC fell below $62,600, this decline has not been permanent so far.
Powell’s statement that the policy is restrictive while employment remains strong suggests that tight monetary policy could continue longer than expected. This means we might see one rate cut in September and possibly throughout the year. However, if we continue to see significant declines in inflation data, rate cuts could begin without excessive weakening in the labor force.
