Key Points:
Bitcoin falls in stock and money in stronger US employment data than expected.
The US Dollar Index reaches its highest level in three weeks as Jobless claims fall below expectations.
$110,000 is the next increasingly “highly likely” BTC price target.
Bitcoin (BTC) appeared “highly likely” to revisit $110,000 on Thursday as macro and geopolitical factors fueled a decline in BTC prices.
Jobless claims pressure risk assets across the board
Data from Cointelegraph Markets Pro and TradingView confirmed a new local low of $110,658 on BitStamp.
Jobless’s claims the data is below expectations on the day. This is a sign that the weakness in the labour market may not be as serious as it is not considered.
This leaves the market less confident about the Federal Reserve interest reduction with each data from CME Group’s FedWatch tool.
“And as such, the initial unemployed claims are no longer a concern,” writes Ryan Detrick, chief market strategist at Carson Group at Capital Market Company, in part of X’s response.
As a result, the US dollar strength rose sharply, with the US dollar index (DXY) reaching a three-week high, while code, stocks and gold fell.
In reports of Russian jet intercepts through Alaska, the mood was not aided by uncertainty over the Russian-Flaine conflict.
Comment on the behavior of risk assets and trade Cobessy’s letter called “deferral” for resource stocks.
“A healthy bull market doesn’t move in a straight line.”
As reported by Cointelegraph, stocks and gold had previously set record highs.
Makeup or break for $110,000 at BTC price
In BTC’s price action, Crypto Market Insight Company’s SwissBlock warned that the market is “in a delicate balance.”
Related: The biggest long settlement of the year: 5 things you need to know about Bitcoin this week
“Bitcoin has lost $113K and is hovering under $112K. It looks like a $110,000 retest is on the verge of imminent,” X-follower warned in part of the post.
SwissBlock has tried to revisit the top of its range, claiming that BTC/USD needs to regain $115,200. Meanwhile, losing $110,000 opens the road to the $100,000 mark.
“$110K = Maximum Pain. Friday’s options will no longer be worth it because they are likely to be touched,” he added, referring to the upcoming $17.5 billion option expiration event.
Bullish ciphers focus on the liquidity of topside exchange order books. Due to the large lack of markets, the higher the “slant” is, the more likely it is.
“Look at the overwhelming short-side advantage in potential liquidation,” trading resource Thekingfisher repeated over and over in some of its own data commentary.
“$Avax Short-Side is 96.2% of the pending liqs. $ETH. 78.3%. $BTC. This is how liquidation accumulates. Smart Money knows this is a price magnet.”
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
