Global interest rate cuts continue to be a hot topic. Turkey has reduced rates recently, while EU central banks also adopt dovish measures. The Federal Reserve in the US aims to decelerate rate cuts, making upcoming US economic data crucial for markets.
US Data and Crypto Market Outlook
For cryptocurrencies to gain ground, US employment data needs to show weakness, potentially pressuring the Fed into further rate cuts. The Fed has hinted that while inflation is stable, any labor market deterioration could prompt accelerated rate reductions, likely boosting crypto prices.
Unemployment Analysis and Bitcoin
Today’s US unemployment claims data were slightly below expectations, with actual claims at 219,000 against the forecasted 223,000. However, continuing claims exceeded expectations at 1.91 million compared to the 1.881 million forecast. Bitcoin is edging back to the $95,000 support level despite minor data deviations, while altcoins face daily losses of about 5%.
What’s Next for Crypto?
The interplay between US economic data and Fed policy will be a key determinant for the crypto market. Investors are closely monitoring labor trends, as persistent weakness could create favorable conditions for a broader crypto rally.
Currently, the mixed data suggests a cautious outlook, with Bitcoin holding ground and altcoins under short-term pressure. The long-term crypto prospects depend on further US economic indicators.
