• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Bitcoin Falls 5% After US Employment Data Release

user avatar

by Giorgi Kostiuk

10 months 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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Bitcoin's Correction Resembles S&P 500 Before Major Bull Market

chest

An analysis suggests that Bitcoin's current correction resembles the S&P 500's behavior before a major bull market.

user avatarMohamed Farouk

Short-Term Pressure on Bitcoin Amid Market Volatility

chest

Analysts indicate short-term pressure on Bitcoin due to market volatility and regional banking issues, with smaller holders reducing exposure.

user avatarElias Mukuru

AlphaPepe Presale Gains Momentum Amid Solana's Slowdown

chest

AlphaPepe, a structured memecoin presale on BNB Chain, is rapidly gaining traction as traders seek new opportunities during Solana's slowdown.

user avatarDiego Alvarez

Trump Administration Halts AI Litigation Task Force Amid Controversy

chest

The Trump administration has paused the establishment of an AI litigation task force aimed at challenging state-level AI regulations.

user avatarKenji Takahashi

Strategy Confirms Bitcoin Reserves Can Sustain Dividends for Decades

chest

Strategy confirms its Bitcoin reserves can cover dividends for decades, even under current market conditions.

user avatarMaria Fernandez

Apeing Emerges as a Leading Altcoin Choice

chest

Apeing is gaining traction as a top altcoin pick due to its early structure, offering Stage 1 pricing at 0.00001 with a projected listing target around 0.001.

user avatarGustavo Mendoza

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.