Bitcoin (BTC) hit $70,000 on Wall Street on Thursday after the US jobs data matched.
Main points:
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Bitcoin misses more US macro data as jobless claims copy flat CPI numbers.
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Oil remains volatile, with markets largely discounting the possibility of a March rate cut.
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BTC price action remains uncertain around $70,000.
Bitcoin releases new release of US unemployment claims
Data from TradingView showed BTC price compression on the day, with BTC/USD operating in an increasingly tight range.
US initial jobless claims for the week to March 7 were 213,000, just 1,000 below the previous week’s print and 2,000 below market consensus.
The figures added to the relief in the US economy after the release of the Consumer Price Index (CPI) on Wednesday also avoided a major deviation from its expected values.
But volatility remained in oil, which was up more than 5% on the day of writing after an initial rally above $95. News of a coordinated release of 400 million barrels from reserves to counter the Hormuz standoff failed to change the price trend.
In an analysis of the situation, trade source The Kobeissi Letter suggested that US President Donald Trump’s uncertainty about how long the conflict in the Middle East will last will contribute to the continued increase in oil.
“The main reason behind this rally was that President Trump did not indicate how long the war with Iran will continue,” wrote X.
“Since then, the ONLY thing that has changed is that President Trump has said that the war is ‘going to be over very soon.’ However, this also means that military operations will continue until at least the end of March.”
Meanwhile, the latest inflation print has done nothing to change the market’s view of future Federal Reserve policy.
The latest data from the CME Group’s FedWatch Tool showed the probability of an interest rate cut at the March 18 meeting of the Fed – a key headwind for crypto potential – less than 1%.
BTC price breakout could take “a few more weeks”.
Bitcoin’s key price levels remained in place as traders awaited directional cues.
related to: Bitcoin Brackets for Oil Shock and Death Crosses: 5 Things to Know This Week
Trader Daan Crypto Trades noted $72,000 and $62,000 as lines in the sand around the spot price with a point of control (PoC) around $68,000.
“Anything in between is going to cut you off, as we’ve already seen. Ranges like these could easily take a few more weeks before they resolve,” he told X followers on Wednesday.
As Cointelegraph reported, the consensus on the medium-term outlook remained bearish, contributing to the bearish decline in new macro futures.
Trader and analyst Rekt Capital noted that according to historical standards, the Bitcoin bear market should continue from here.
“Given the timing, Bitcoin will soon be in the middle of its market,” he concluded in one of X’s last few updates.
“However, in terms of retracement, Bitcoin has already completed 75% of the downside in the bear market correction.”
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