Bitcoin (BTC) fell slightly on October 17 as the Wall Street trading session began, as a surge in U.S. jobless claims fueled a more cautious view on the possibility of a rate cut.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin Stops at $67,000 After US Labor Data Release

Data from TinTucBitcoin and TradingView track a quiet day for Bitcoin after it hit an 11-week high of $68,400.

Fluctuating around $67,000 at the time of writing, BTC/USD faced mixed unemployment data from the US.

The data showed initial jobless claims came in at a lower-than-expected 258,000, while continuing claims were slightly higher than forecast.

As a result, markets have reduced expectations about the scale of interest rate cuts the Federal Reserve could make in the coming months.

The odds are heavily tilted toward a 0.25% cut at the Fed's November meeting, according to the latest data from CME Group's FedWatch tool.

Probability of Fed interest rate target. Source: CME Group

In Europe, the European Central Bank (ECB) delivered its expected 0.25% cut that day.

In the absence of pressing macroeconomic factors, the attention of cryptocurrency and Bitcoin market participants is focused on the US presidential election, which takes place in the same week as the Fed meeting.

“While the US election is the next major catalyst for BTC and crypto, the market remains uncertain about the direction of BTC after the election,” trading firm QCP Capital commented in a newsletter to its Telegram channel.

“Options expiring close to the election are trading at a 10% premium to other maturities. The focus on the election means that any changes in polling or the candidates’ campaigns will be heavily priced into the market.”

Feelings of excitement and anxiety as BTC price hits recent highs

Analyzing the short-term BTC price action, opinions remain mixed on the market’s ability to maintain its current momentum.

“The recent short squeeze is almost over,” popular X account TheKingfisher suggested in part of his recent post.

“On the upside, there is only one major ‘toxic’ level left for 2024 at $71.3k, which gives a trading range of $60.2k to $71.3k. A push to $73k is possible, but that could lead to a sharp correction to $60k and the market has to rebalance again.”

BTC/USD chart. Source: TheKingfisher/X

Data from tracking resource CoinGlass shows selling liquidity rising around $68,000 while converging around $68,500 — just above the previous day’s high — after BTC price took liquidity from below.

BTC liquidity heatmap (screenshot). Source: CoinGlass

Many others still favor a run above the 2021 all-time high of $69,000.

Credit: Jeff Moore

“Regardless of the initial reaction to the economic data, the bulls are looking to hold prices above key moving averages,” Keith Alan, co-founder of trading resource Material Indicators, wrote in part of his latest post on X.

“In my opinion, a consolidation above the mid-2021 high before aiming for $70k would be better than a spike, but the market doesn’t care about my opinion.”

The attached chart shows moving average (MA) resistance levels, as well as long and short signals on one of Material Indicators' proprietary trading tools.

BTC/USD 1-day chart. Source: Keith Alan/X

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