Analysts Bitfinex It is assumed that in June Bitcoin could rise to $120,000-$125,000 if weak U.S. jobs data triggers a domino effect and leads to an earlier-than-expected interest rate cut.
We believe that if Bitcoin If the Fed finds support above $105,000, it could reach the $120,000-$125,000 range in June. That won’t be driven solely by the labor market, but could be a «domino effect» of multiple factors pushing the Fed to cut rates faster than expected, analysts said.
However, stronger employment data could send the flagship cryptocurrency falling to $95,000.
On the downside, we see the $95,000-$97,000 area for any local bottom and see good accumulation there. Overall, the outcome of the report will be critical for shorter time frame traders, but will be just a small piece of the puzzle in the grand scheme of things, the analysts said.
The next U.S. jobs report is due Friday and is likely to show a slowdown in labor market growth, with nonfarm payrolls expected to be added by 125,000 to 130,000, down from 177,000 in April, analysts said. Bitfinex.
According to the CME FedWatch tool, rates are now expected to remain unchanged in the range of 425 to 450 basis points until at least the end of July, with most traders not expecting a rate cut before September.
