Welcome to Extreme Investor Network, where we provide unique insights and analysis on the latest trends in the stock market, trading, and beyond. Today, we take a closer look at the recent US Continuing Jobless Claims report and its potential impact on the markets.
Following Fed Chair Powell’s comments at the FOMC press conference, where he expressed concerns about the labor market, the focus has shifted to the upcoming US Jobs Report on August 2. Any unexpected rise in the US employment rate or softer wage growth figures could have implications on US BTC-spot ETF flows and BTC demand.
AMP’s Head of Investment Strategy and Chief Economist, Shane Oliver, highlighted the significance of the recent US economic data, emphasizing the potential recession risks associated with weak jobless claims numbers.
In terms of technical analysis, Bitcoin (BTC) has shown bullish price trends, hovering above the 50-day and 200-day EMAs. A breakout above $65,000 could pave the way for a move towards the $69,000 resistance level, with further upside potential towards the all-time high of $73,808.
However, it’s crucial to consider factors such as US economic data, US BTC-spot ETF flow data, and BTC supply-related news when making trading decisions. On the flip side, a break below the 50-day EMA and the $64,000 support level could indicate a downside move towards the $60,365 support level.
With the 14-Daily RSI reading at 48.59, BTC may see a potential dip to the $60,365 support level before entering oversold territory. Stay informed and stay ahead of the curve with Extreme Investor Network for all your trading insights and market updates.