Bitcoin's price action weakened after unexpected US employment data showed stronger job growth and lower unemployment numbers, impacting market expectations about interest rate cuts by the Federal Reserve. Following the release of nonfarm payrolls data for June, which indicated more jobs were added than anticipated, Bitcoin retraced from gains made earlier in the day, peaking near $110,300. Analysts noted that this 'very hot' jobs report reduces the likelihood of the Fed lowering interest rates in July, leading to a sell-off in Bitcoin and other risk assets. Market analysts maintain that as long as Bitcoin stays above $108K, there remains potential for further gains, targeting levels of $112K or even $120K. While some optimism persists regarding the U.S. economy's strength in the long term, the immediate market reaction suggests caution in the face of evolving economic indicators.

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