US Jobs Data Keeps Bitcoin Price Stuck Around $70,000
Bitcoin remained near $70,000 as US jobless claims matched expectations, reinforcing low odds for a March Fed rate cut.Summary
Bitcoin (BTC) traded around the $70,000 mark following the release of US jobs data, which showed initial jobless claims at 213,000, slightly below expectations and aligning with recent stable Consumer Price Index (CPI) figures. This macroeconomic stability did little to shift market expectations regarding Federal Reserve policy, with the probability of an interest rate cut at the March 18 meeting remaining below 1% according to CME Group data. Meanwhile, oil prices remained volatile, surging over 5% despite news of a coordinated reserve release, with analysts attributing the surge partly to uncertainty surrounding the duration of Middle East conflict. For Bitcoin, traders noted that the price action is consolidating in a tight range between $72,000 and $62,000, suggesting this indecisive chop could persist for several more weeks before a significant breakout occurs.
(Source：Cointelegraph)