{"id":17564,"date":"2024-10-07T10:36:21","date_gmt":"2024-10-07T07:36:21","guid":{"rendered":"https:\/\/forklog.com\/en\/us-labour-market-report-boosts-bitcoin-towards-64000\/"},"modified":"2024-10-07T10:36:21","modified_gmt":"2024-10-07T07:36:21","slug":"us-labour-market-report-boosts-bitcoin-towards-64000","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/us-labour-market-report-boosts-bitcoin-towards-64000\/","title":{"rendered":"US Labour Market Report Boosts Bitcoin Towards $64,000"},"content":{"rendered":"<p>On the night of October 7, Bitcoin approached the $64,000 mark. The drivers were positive data from the US labour market last Friday and expectations of a Federal Reserve rate cut in November, writes<a href=\"https:\/\/www.theblock.co\/post\/319697\/bitcoin-nears-64000-us-economy-in-goldilocks-state\"> The Block<\/a>.<\/p>\n<p>Experts noted that ongoing geopolitical tensions in the Middle East pose a risk to the rally of the leading cryptocurrency.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cOptimism has increased regarding a \u2018soft landing\u2019 for the US economy,\u201d<\/em> commented Presto Research analyst Min Zhong.<\/p>\n<\/blockquote>\n<p>Rachel Lucas from BTCMarkets highlighted expectations of a Federal Reserve policy easing in November, which \u201cencourages a more risk-on attitude among investors and positively impacts digital gold.\u201d<\/p>\n<p>The specialist also noted the reduction in exchange balances of coins as a factor easing selling pressure.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cTo support this recovery, Bitcoin needs to break and hold the key resistance at $64,500. In this case, a retest of $66,000 is possible,\u201d<\/em> added Lucas.<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">Speculators in Play<\/h2>\n<p>In<a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-realized-price-rejections-btc-price-weakening-analyst\"> CryptoQuant<\/a>, increased participation of short-term investors in recent days was noted.<\/p>\n<p>As of October 5, the realised market cap volume over the past seven days for this category of market participants increased by $6 billion. In other words, speculators (STH) are \u201cincreasing their longs,\u201d while holders (LTH) are \u201ctaking profits,\u201d specialists indicated.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-1241.webp\" alt=\"1-1241\" class=\"wp-image-242644\"\/><figcaption class=\"wp-element-caption\">Data: CryptoQuant.<\/figcaption><\/figure>\n<p>Experts also identified prerequisites for the formation of a \u201cgolden cross\u201d in the <span data-descr=\"Coinbase premium is often used as an index of demand from US retail investors \u2014 the higher the value, the greater the buying pressure\" class=\"old_tooltip\">Coinbase premium<\/span>, which serves as a signal for a short-term recovery in the leading cryptocurrency\u2019s quotes.<\/p>\n<p>Earlier, Canaccord noted that a Bitcoin rally is inevitable.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On the night of October 7, Bitcoin approached the $64,000 mark. The drivers were positive data from the US labour market last Friday and expectations of a Federal Reserve rate cut in November, writes The Block. Experts noted that ongoing geopolitical tensions in the Middle East pose a risk to the rally of the leading [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17563,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1205,1224,1145,1268],"class_list":["post-17564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptoquant","tag-macroeconomics","tag-market-analysis","tag-on-chain-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/17564","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=17564"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/17564\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/17563"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=17564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=17564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=17564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}