As the U.S. non-farm payroll data exceeded expectations and the unemployment rate fell more than anticipated, Bitcoin quickly retraced its gains.
Analysts say the Federal Reserve is now unlikely to cut interest rates at the July meeting.
The price movement of BTC still needs to break through the final liquidity resistance to rise.
Bitcoin (BTC) experienced a flash crash volatility at the opening of Wall Street on Thursday, as U.S. employment data crushed hopes for rate cuts.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD retraced most of its gains for the day, after the pair had reached nearly $110,300.
The U.S. non-farm payroll data indicated that new jobs added in June exceeded expectations, while the unemployment rate also surpassed estimates.
"The May employment data was revised up from 139,000 to 144,000. The headline data continues to significantly exceed expectations," trading resource The Kobeissi Letter wrote in response on X.
Kobeissi described the employment data as "very hot," warning that the Federal Reserve now has another reason to delay rate cuts, which is a blow to cryptocurrencies and risk assets.
The co-founder of business consulting firm Blacknox and crypto trading resource Material Indicators further stated that the drop in the unemployment rate "takes the Fed out of the game for a July rate cut."
"Federal funds futures are now only pricing in a total of two rate cuts before December 2025," noted Andre Dragosch, head of European research at crypto asset management firm Bitwise.
The non-farm payroll data stands in stark contrast to the previous day's private sector employment report, which had instead bolstered the case for a July rate cut.
The latest data from the CME FedWatch tool confirms that the market sees little chance of the Federal Reserve changing course before the September meeting.
When discussing market impacts, Material Indicators co-founder Keith Alan expressed optimism.
"A lower unemployment rate means a stronger U.S. economy," he responded to Blacknox's comments.
Monitoring resource CoinGlass confirmed that the market structure in the short-term timeframe remains intact, with liquidity levels in the exchange order book firmly in place both above and below the price.
Among traders, the $108,000 level continues to play an important role, with analysis suggesting it must now hold as a support level.
$BTC Attempting a breakout. Any closes up around this $110K region would be good. You don't want to see this deviate back below $108K again at this point. https://t.co/zH7yC7H1FO pic.twitter.com/0iwSP1Itcy
"As long as we stay above $108,000, I'm targeting $112,000—maybe even $120,000," added the crypto YouTube trading channel Master of Crypto while reviewing liquidity data.
Related: Bitcoin (BTC) could reach $116,000 in July, as macro bullish factors brew a "perfect storm."
This article does not contain investment advice or recommendations. Every investment and trading activity involves risk, and readers should conduct their own research when making decisions.
Original article: “U.S. Employment Data Exceeds Expectations, Taking Fed Rate Cuts ‘Off the Table,’ Bitcoin (BTC) Fluctuates Around $110,000”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
