 BTC price aims for $68K as US unemployment beat ups Fed rate cut odds 
2024-10-24

Bitcoin BTCUSD erased losses into the Oct. 24 Wall Street open as US unemployment data delivered another surprise.
US jobless claims sustain BTC price rebound
Data from Cointelegraph Markets Pro and TradingView revealed 1.5% BTC price gains on the day.
A firm rebound from ten-day lows of $65,000 continued as initial jobless claims came in below expectations for a second consecutive week at 227,000 versus 241,000 on Oct. 17.
Bets that the Federal Reserve would cut interest rates again at its Nov. 7 meeting increased modestly as a result to 92.9%, per data from CME Group’s FedWatch Tool.
BTC price action thus approached a cloud of resistance liquidity around $68,000, order book coverage from monitoring resource CoinGlass showed.
“$BTC short liquidations at $68,200, also the failed level from Monday,” popular trader Justin Bennett noted in his latest post on X. 

Crypto trading platform Hyblock Capital meanwhile sought to explain the trip to $65,000.
“The price of $BTC started decreasing at the start of the week. Longs began chasing, trying to catch the bottom (highlighted in green),” it explained alongside a corresponding chart.

Bitcoin breakout hinges on weekly close
Updating X followers on progress beating out seven-month resistance in place since the March all-time high, meanwhile, trader and analyst Rekt Capital stayed positive.
The best outcome for a breakout with staying power, he argued, would be if the current weekly candle were to close above $67,900.
“Bitcoin is still retesting the Channel Top (black) as support on the Daily timeframe,” he continued.

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