Hi Guys,
It's Big & Big #alert About $BTC Liquidations of $411 Million !!!
Bitcoin Plunges to $69,000 After Mixed US Job Data, $411 Million in Liquidations Follow
Bitcoin’s (BTC) price fell to $69,000 after Friday’s mixed US job data release, leading to over $411 million in liquidations.
This decline followed the crypto market’s reaction to new economic indicators, which showed both positive and concerning signs for the US economy.
Economic Indicators and Market Sentiment Set the Stage for
Bitcoin’s Next Move
Non-farm payrolls expanded to 272,000 for May, significantly above April’s 165,000 and the Dow Jones estimate of 190,000. However, the unemployment rate rose to 4% for the first time since January 2022.
Job gains were notable in health care, government, leisure, and hospitality. Analysts see this report as hawkish, suggesting it may delay interest rate cuts
According to the CME FedWatch Tool, futures indicate a 50.5% chance of a rate cut by September. The market remains uncertain, leading to increased volatility in the crypto market, especially for Bitcoin.
Coinglass data shows total crypto liquidations in the past 24 hours reached $411.88 million, affecting nearly 148,000 traders. Long positions accounted for $360.41 million, while short positions made up $51.47 million.
Despite the recent dip, renowned analyst Markus Thielen offers a positive outlook for Bitcoin in the longer term. In his latest report, Thielen highlights the potential for Bitcoin to reach $83,000, driven by a bullish head-and-shoulders formation and supportive macroeconomic factors.
He emphasizes the role of the global central bank easing cycle, with recent interest rate cuts in Canada, Denmark, and Europe, and further easing expected in the US due to weakening economic indicators.