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This week, economists are anticipating that initial jobless claims will remain steady at 230k in the week ending September 14. Any unexpected spike in jobless claims could pose a challenge to the Fed’s growth forecasts, potentially impacting Bitcoin (BTC) demand. On the other hand, lower-than-expected claims could alleviate fears of a sharp economic downturn in the US, which could boost BTC demand.
Positive claims data has the potential to propel BTC towards $65,000, while a surge in claims could drive BTC down towards $55,000. Keep an eye on other key stats such as the Philly Fed Manufacturing Index and housing sector data, although they may take a back seat to the labor market figures. The debate surrounding the November Fed interest rate decision is already underway, with a focus on US labor market data.
According to Parker Ross, Chief Economist at Arch Capital Global, “Now that we have the September FOMC out of the way, let’s start the way too early debate about the November meeting… Reminder, the FOMC decision will be announced on Nov 7, mere days after Election Day for those who observe.”
As an investor, it’s essential to stay vigilant, particularly as US labor market data is poised to have a significant impact on BTC and the broader market. Stay informed with our latest news and analysis to effectively manage your BTC and crypto exposures.
In our technical analysis, BTC is currently hovering above the 50-day and 200-day EMAs, signaling bullish price movements. A breakout above $62,500 could pave the way for a push towards the $64,000 resistance level, with further upside potential towards $67,500. Consider monitoring BTC-spot ETF market trends alongside US labor market data.
Conversely, a breakdown below the $60,365 support level could bring the 50-day and 200-day EMAs into play, potentially leading to a test of the $55,000 level by the bears. With a 59.10 14-day RSI reading, BTC may have room to break above the $64,000 resistance level before entering overbought territory.
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