Bitcoin's price action has weakened after new US employment data showed a surprise increase in jobs and a drop in unemployment. This development has led analysts to believe that the Federal Reserve is unlikely to lower interest rates at its upcoming July meeting. The BTC/USD pair reached nearly $110,300 before retracing much of its gains as the jobs figures outperformed expectations. The May jobs figure was also revised upward, further indicating a strong labor market. Business consulting firm Blacknox noted that the unemployment rate's decline removes the likelihood of a rate cut soon, while market expectations now only account for two potential cuts by December 2025. Despite the dip in Bitcoin's price, market structure remains stable, with the $108,000 level acting as a significant support point. Analysts maintain that as long as Bitcoin stays above this threshold, the market could aim for higher targets such as $112,000 to $120,000 in the long run.

Source šŸ”—