🚀Bitcoin Price Prediction as Weak U.S Jobs Data Spurs Rate Cut Hopes – Will BTC Surge?

📉 Bitcoin (BTC) saw a slight dip of 0.20% to $63,000, maintaining a bullish outlook amidst economic concerns. U.S. jobless claims rose to 231,000, the highest since August 2023, sparking speculation of earlier rate cuts by the Federal Reserve. This could boost Bitcoin's appeal as an alternative investment. 📉

💼 The increase in jobless claims signals economic strains and a cooling labor market, prompting discussions about potential rate cuts by the Federal Reserve. April's nonfarm payroll data, with modest job gains and stable unemployment, suggests market normalization. Analysts anticipate further fluctuations in the labor market, influencing Fed policy decisions. 📊

📈 Despite the dip, Bitcoin's price prediction remains optimistic, with resistance levels at $64,851, $67,084, and $69,356. Immediate support is at $58,852, with additional downside protection at $56,677 and $54,327. The RSI at 54 indicates a neutral market stance, while the 50-dy EMA at $62,375 provides support near $62,000. 🚀

🔍 A move below $62,500 could trigger significant selling, emphasizing the importance of this threshold in BTC's short-term price actions. As speculation grows about Fed rate cuts, Bitcoin may benefit from lower interest rates, making cryptocurrencies more attractive as alternative investments. 💡