Bitcoin (BTC) price stands at $61,200, and altcoin investors are largely smiling. Some cryptocurrencies have gained over 5%, and if BTC can reach higher peaks, the rally may accelerate. On the other hand, jobless claims came in as expected and above the previous month. The weakening employment situation is positive as it pressures the Fed.
QCP Analysts Comment on Bitcoin
QCP market analysts discussed yesterday’s employment revision and other developments. The Fed minutes and signals that Kamala Harris will not take a negative stance on crypto were the most important developments of the last 24 hours. The analysts’ recently published assessment is as follows:
“The downward revision of US non-farm employment data indicated a weakening labor market, raising concerns that the Fed might delay rate cuts and triggering sales.
These concerns eased after the July FOMC minutes revealed that some policymakers were open to rate cuts and indicated a more dovish stance balancing inflation and employment targets.
The dovish tone lifted risk assets, pushing BTC above $61,800, supported by strong buying on Coinbase until 4 AM SGT. Aggressive bids on Coinbase (indicating US demand) were a good signal for short-term trends.
Attention now turns to Fed Chair Powell’s speech at Jackson Hole tomorrow for more rate cut signals. While markets largely rely on rate cuts, unexpected economic data can have a significant impact. We prefer principal-protected products that capture upside gains.”
Comments on Cryptocurrencies
Bitcoin needs to continue closing above $61,300. This is an important support for price recovery in the medium term. If BTC remains strong, a new attempt at $70,000 could begin after reaching $63,000 and $65,000. On the other hand, those who see every rise as a short-selling opportunity hope this recovery will also reverse.
However, crypto is full of surprises, and if not today, future attempts will surprise them. Historical data shows that such painful rises have occurred many times.
BTC rises and falls rapidly, but the pace of the rise may increase above $61,900 and $63,329.
