According to a crypto researcher, Bitcoin could hit a new ATH as soon as next week after US jobs data hit a three-year low in a sign that the economy is slowing. However, two other indicators must be confirmed.

“Last night, a key data measure, U.S. job openings slowed significantly,” Markus Thielen, head of research at 10x Research, wrote in a report on June 4.

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.

According to Thielen, 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.

Thielen believes that a further 0.1% decrease in the CPI to 3.3% would have a similar impact.

“Weaker economic data could have the Fed thinking about cutting interest rates and next week we will get the CPI inflation report. If year-over-year CPI is 3.3% or lower, that would likely push Bitcoin to a new ATH.”

At the moment, Bitcoin is trading around the $71,000 mark.

Bitcoin is up more than 12% in the past 30 days | Source: TradingView

Thielen noted that, as Bitcoin has broken out of a key consolidation triangle pattern, a close above this level, coupled with lower US inflation or employment figures, could create clear momentum puts Bitcoin on track to surpass its current ATH of $73,679 between June 7 and June 12.

The U.S. Bureau of Labor Statistics will release its Employment Summary on June 7, followed by CPI data on June 11.

$72,000 will trigger a breakout

If Bitcoin price reaches $72,000, it will act as a “fuse,” triggering a breakout of the psychological barrier of $75,000.

Analyst Willy Woo says Bitcoin hitting $72,000 will trigger a wave of mass liquidations, with $1.5 billion in Short positions ready to be wiped out at up to $75,000, paving the way for new highs every year. age.

Liquidation leverage chart. Source: Willy Woo

According to CoinGlass, a potential move above $72,000 would cause the liquidation of $800 million in short positions across all exchanges.

Bitcoin liquidation map on exchanges. Source: Coinglass

Above the $72,500 mark, Bitcoin will trigger the liquidation of over $1.2 billion worth of leveraged short positions. Currently, Bitcoin is down 3.4% from its previous all-time high of $73,780 reached on March 14.



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