Bitcoin Price Nears $58.5K for the Week as US Employment Data Misses Expectations

Bitcoin Price Reaches Weekly High of Around $58.5K Following US Jobs Data Disappointment

Bitcoin Price– Bitcoin (BTC) surged above $58,000 as Wall Street opened on August 8, driven by favorable US jobless claims data. According to Cointelegraph Markets Pro and TradingView, Bitcoin’s price peaked at $58,482 on Bitstamp, marking its highest level of the week.

The latest US initial jobless claims report showed 233,000 new claims, coming in below analysts’ expectations. This better-than-expected data injected a dose of optimism into the market, contrasting with previous concerns about a potential recession.

Economist Mohamed El-Erian commented on the significance of the jobless claims data, suggesting that a figure below 230,000 would indicate a smooth economic recovery rather than worsening conditions. His analysis resonated with the market, contributing to the positive sentiment surrounding Bitcoin.

CoinGlass data revealed that the jobless claims report triggered a strong reaction in Bitcoin’s price, as traders pushed the cryptocurrency higher. Despite this, resistance levels were still untested at the time of writing, indicating that the market was still adjusting to the new data.

Material Indicators highlighted that Binance, one of the world’s largest cryptocurrency exchanges, saw significant activity with traders placing buy orders for Bitcoin worth $30 million. However, many traders remained cautious due to recent price volatility and uncertainty in the broader market.

Popular trader Roman speculated that Bitcoin could reach a high of $60,000 before potentially retracing to lower levels. He shared his forecast with followers, stating, So far so good. Still expecting a $60K retest then a dump back to lows before we attempt to get a potential reversal. This prediction is gaining traction on social media, reflecting traders’ mixed outlooks on Bitcoin’s short-term movements.

Additionally, fellow trader Daan Crypto Trades observed that there was minimal significant liquidity remaining on the downside. This suggests that while Bitcoin’s price has climbed, the market’s liquidity situation might influence future price movements.

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