Bitcoin (BTC) News Today: BTC Holds Strong at $62K Amid US Labor Market Caution
==========
Bitcoin (BTC) advanced by 0.24% on Monday, July 1, closing at $62,894. Caution prevailed on Monday as investors awaited crucial US economic indicators that could dictate the Fed rate path. US labor market data, Fed Chair Powell, and US BTC-spot ETF market flow trends require investor consideration on Tuesday, July 2. Weaker-than-expected US ISM Manufacturing PMI numbers supported buyer demand for BTC. The ISM Manufacturing PMI fell from 48.7 to 48.5 in June. Furthermore, the ISM Manufacturing Employment PMI dropped below the crucial 50 level, falling from 51.1 to 49.3. BTC reacted to the ISM survey-based data, rising to a session high of $63,845 before retreating below the $63,000 handle. Despite the weaker labor market indicators, the chances of a September Fed rate cut improved marginally. According to the CME FedWatch Tool, the probability of the Fed holding interest rates unchanged in September slipped from 35.9% to 35.2% on Monday. The US JOLTs Job Openings Report (Tues), weekly Jobless Claims (Wed), and US Jobs Report (Fri) will likely influence BTC price trends more. The US BTC-spot ETF market could reflect investor sentiment toward the Fed rate path. On Monday, July 1, the US BTC-spot ETF market headed for a five-day inflow streak. According to Farside Investors, Grayscale Bitcoin Trust (GBTC) reported zero net flows on Monday after outflows of $27.2 million on Friday, June 28. Bitwise Bitcoin ETF (BITB) had net inflows of about $40.0 million. BTC remained below the 50-day EMA but sat above the 200-day EMA. The EMAs confirmed the bearish near-term signals but bullish longer-term trends. A BTC move through the $64,000 resistance level could give the bulls a run at the 50-day EMA. A break above the 50-day EMA could signal a move to the $69,000 resistance level. US labor market data, US BTC-spot ETF market flow data, and Fed chatter require consideration. On the other hand, a break below the $60,365 support level would bring the 200-day EMA into play. With a 43.99 14-Daily RSI reading, BTC may drop below the 200-day EMA before entering oversold territory.
#Bitcoin #Btc #UsLaborMarket #FedRatePath #IsmManufacturingPmi #BtcspotEtf #GrayscaleBitcoinTrust #BitwiseBitcoinEtf
https://www.fxempire.com/forecasts/article/bitcoin-btc-news-today-btc-holds-strong-at-62k-amid-us-labor-market-caution-1442692
FX Empire /
npub1lj…9zjdc
2024-07-02 04:37:49
Author Public Key
npub1ljmz9hjq6kkwm5ltqfc6dpw9ytalhtnf7sgp4r75dqvtsq2wz9sqp9zjdcSeen on
wss://relay.damus.ioPublished at
2024-07-02 04:37:49Event JSON
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"content": "Bitcoin (BTC) News Today: BTC Holds Strong at $62K Amid US Labor Market Caution\n==========\n\nBitcoin (BTC) advanced by 0.24% on Monday, July 1, closing at $62,894. Caution prevailed on Monday as investors awaited crucial US economic indicators that could dictate the Fed rate path. US labor market data, Fed Chair Powell, and US BTC-spot ETF market flow trends require investor consideration on Tuesday, July 2. Weaker-than-expected US ISM Manufacturing PMI numbers supported buyer demand for BTC. The ISM Manufacturing PMI fell from 48.7 to 48.5 in June. Furthermore, the ISM Manufacturing Employment PMI dropped below the crucial 50 level, falling from 51.1 to 49.3. BTC reacted to the ISM survey-based data, rising to a session high of $63,845 before retreating below the $63,000 handle. Despite the weaker labor market indicators, the chances of a September Fed rate cut improved marginally. According to the CME FedWatch Tool, the probability of the Fed holding interest rates unchanged in September slipped from 35.9% to 35.2% on Monday. The US JOLTs Job Openings Report (Tues), weekly Jobless Claims (Wed), and US Jobs Report (Fri) will likely influence BTC price trends more. The US BTC-spot ETF market could reflect investor sentiment toward the Fed rate path. On Monday, July 1, the US BTC-spot ETF market headed for a five-day inflow streak. According to Farside Investors, Grayscale Bitcoin Trust (GBTC) reported zero net flows on Monday after outflows of $27.2 million on Friday, June 28. Bitwise Bitcoin ETF (BITB) had net inflows of about $40.0 million. BTC remained below the 50-day EMA but sat above the 200-day EMA. The EMAs confirmed the bearish near-term signals but bullish longer-term trends. A BTC move through the $64,000 resistance level could give the bulls a run at the 50-day EMA. A break above the 50-day EMA could signal a move to the $69,000 resistance level. US labor market data, US BTC-spot ETF market flow data, and Fed chatter require consideration. On the other hand, a break below the $60,365 support level would bring the 200-day EMA into play. With a 43.99 14-Daily RSI reading, BTC may drop below the 200-day EMA before entering oversold territory.\n\n#Bitcoin #Btc #UsLaborMarket #FedRatePath #IsmManufacturingPmi #BtcspotEtf #GrayscaleBitcoinTrust #BitwiseBitcoinEtf\n\nhttps://www.fxempire.com/forecasts/article/bitcoin-btc-news-today-btc-holds-strong-at-62k-amid-us-labor-market-caution-1442692",
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