Bitcoin Falls 5% After US Employment Data Release

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by Giorgi Kostiuk

2 years ago

Following the release of US employment data, Bitcoin's price fell by 5%, causing market disruptions.

Impact of Economic Data on the Market

The Job Openings and Labour Turnover Survey (JOLTS) indicated an increase in job openings to 8.1 million in November, triggering a drop in Bitcoin's price to $97,000. This increase in job numbers reduces the likelihood of interest rate cuts by the Federal Reserve, negatively impacting risk assets.

Position Liquidation and Volatility

Amid a price decline exceeding 5%, Bitcoin long positions worth over $30 million were liquidated within an hour. Recent movements of large Bitcoin volumes to exchanges intensify selling pressure.

We're in the 'good data is bad data' phase of the market for risk assets.Miles Deutscher

Bitcoin Analysis and Predictions

Experts warn of potential further drops to $85,000-$90,000. However, improved regulation with upcoming US political initiatives is expected to support the cryptocurrency market in the mid-term.

The current state of the US economy continues to impact the cryptocurrency market. The market's future direction will depend on economic indicators and political developments.

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