Bitcoin’s value stabilizes at $61K while US unemployment claims reach their highest point in 9 months.

Bitcoin (BTC) was unable to maintain its rebound at the Wall Street open on May 9, despite positive macro data that supported risk-assets. The price briefly spiked to $61,750 but failed to hold. This coincided with the release of US jobless claims, which exceeded expectations and reached their highest levels in nine months at 231,000. The Federal Reserve had previously highlighted labor market strain as a reason to consider interest rate cuts. Despite this, BTC/USD dropped below $61,000. Popular trader Daan Crypto Trades observed significant bids between $59-60K, indicating potential support at that level. Liquidity was being taken both above and below the spot price, suggesting a tight trading range. Trading firm QCP Capital predicted that this behavior would continue, with markets anticipating two Fed cuts this year. However, BTC spot ETF flows had flattened out after recent inflows. On a more positive note, trader Titan of Crypto suggested a potential upside target of $75,000 by the end of the consolidation period. They also predicted that Bitcoin could reach six figures for the first time, but emphasized the need for patience from market participants. It is important to note that this article does not provide investment advice or recommendations and readers should conduct their own research before making any decisions.