Good morning, brothers.
The non-farm payrolls data released last night exceeded expectations and the unemployment rate unexpectedly dropped. This was originally bearish for the cryptocurrency market.
However, BTC rebounded due to the following three factors.
(1) The economy looks strong and has not declined, which has led to a sharp rise in US stocks, which in turn has driven BTC.
(2) BTC has fallen too much and the price is right, so large orders have rebounded.
(3) The conflict between Israel and Iran has come to a brief end.
According to on-chain data:
(1) Stablecoins continue to flow into exchanges for bargain hunting.
(2) BTC flows out of exchanges.
Although last night's non-farm payrolls data poured cold water on the Fed's substantial interest rate cuts, there will be two more 25 basis point interest rate cuts this year.
The following three reasons determine the bullish trend.
1. We are in a period of interest rate cuts/before global quantitative easing.
2. The current cost of BTC holders is high and the profit is not much.
3. Cryptocurrencies are supported by governments including the United States and Japan.
After the conflict between Israel and Iran is resolved,
BTC will still fluctuate upward.
Now the liquidation price of Bitcoin is concentrated in the area, with the upper limit reaching 63,000 US dollars and the lower limit being 61,000 and 60,000
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