Bitcoin Price Hitting $72,000 Could Trigger a Breakout to New ATH!!!
Bitcoin could hit a new ATH as soon as next week after US jobs data hit a three-year low in a sign the economy is slowing.
According to the June 4 report of the US Bureau of Labor Statistics on Job Openings and Labor Turnover (JOLT), in April 2024, the country had 8.1 million job openings. employment with about 0.8 unemployed people per job opening, the highest rate since February 2021. This could be the first indicator of an economic slowdown, which would all “lead to lower inflation,” a key bullish signal for Bitcoin.
According to data from CoinMarketCap, when the consumer price index (CPI), which measures US inflation, fell 0.1% on May 15, Bitcoin rose 7% over the next five days to $71,432. Thus, a further decrease in the CPI index of 0.1% to 3.3% will have the same impact. If the year-over-year CPI is 3.3% or lower, that would likely push Bitcoin to a new ATH.
If Bitcoin price reaches $72,000, it will act as a “fuse,” triggering a breakout of the psychological barrier of $75,000. Bitcoin reaching $72,000 will cause a wave of mass liquidations, with $1.5 billion in Short positions ready to be wiped out up to $75,000, paving the way for new ATH levels.