Bitcoin (BTC) was unable to maintain its rebound at the Wall Street open on May 9, despite positive macro data supporting risk-asset bulls.
BTC/USD briefly spiked to $61,750 but failed to hold this level, as shown by data from Cointelegraph Markets Pro and TradingView. This occurred after the latest jobless claims in the United States surpassed expectations, reaching their highest level in nine months at 231,000 compared to the expected 212,000.
The Federal Reserve had previously identified labor market strain as a key factor to consider when contemplating interest rate cuts. However, BTC/USD seemed uninterested in celebrating this news and dropped back below $61,000.
Well-known trader Daan Crypto Trades observed in his latest order book analysis on X (formerly Twitter) that there were significant bids between $59,000 and $60,000.
Earlier reports from Cointelegraph highlighted the liquidity being taken both above and below the spot price of BTC/USD, while the pair remained within a tight trading range.
In its latest update to Telegram channel subscribers, trading firm QCP Capital predicted that this behavior would persist. It stated, “Markets are currently pricing in 2 Fed cuts this year, with the first cut only expected in September. To make things worse, BTC spot ETF flows have flattened out again after strong inflows from last Friday and the recent Monday.”
Despite these developments, popular trader Titan of Crypto offered a more optimistic perspective, suggesting a potential upside target of $75,000 by the end of the current consolidation period. The accompanying chart displayed a possible inverse head and shoulders pattern, with limited downside risk beyond $55,000 if weakness returns to the market.
Titan of Crypto also expects Bitcoin to reach six figures for the first time, although he emphasized that patience and time were necessary for market participants. “Watch the $61.5k level. The manipulation could occur there,” a post on X stated on May 8.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and analysis before making any investment or trading decisions.