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Cryptocurrency News Articles
Bitcoin (BTC) Price Update: Economic Reports Raise Recession Fears, But Analysts See an Opportunity
Aug 03, 2024 at 11:14 pm
A series of economic reports released on Friday have raised alarms that the United States economy may be on the brink of a recession. Bitcoin's (BTC)
The United States economy appears to be on the brink of a recession, according to a series of economic reports released on Friday that have sparked concerns. Following this macroeconomic scenario, Bitcoin's (BTC) price has suffered a recent crash, presenting an opportunity for some analysts.
The Bureau of Labor Statistics reported that the nation’s unemployment rate increased to 4.3% in July from 4.1% in June. Non-farm payroll employment also rose by only 114,000 jobs, which fell short of the anticipated 175,000 new jobs.
These figures have contributed to growing fears that a recession, long predicted by some economists, may now be on the horizon.
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Notably, the stock market reacted swiftly and negatively to the news, with the Nasdaq dropping by nearly 2.5%, while the S&P 500 and Dow both fell close to 2%.
In the cryptocurrency market, Bitcoin’s price briefly surged to $65,400 before plummeting to around $62,350. Nearly all prominent cryptocurrencies experienced significant declines.
Significant liquidations and volatilityData from CoinGlass indicates that the volatility across crypto markets on Friday led to another surge in liquidations of both long and short positions. CoinGlass reports nearly $283 million worth of positions liquidated in the past 24 hours, with Bitcoin accounting for $85 million.
The volatility in the crypto market mirrored the bearish sentiment in the US stock market. The Nasdaq and S&P 500 continued to suffer, with the latter being down 6% from its recent all-time high.
The “Magnificent 7” tech giants saw a collective market value swing of over $3 trillion in the past three weeks. The negative economic data and heightened recession fears also affected investors in Europe and Asia, compounding global market uncertainties.
Analysts’ perspectives and future outlookDespite the current panic, some analysts are viewing the situation as an opportunity for Bitcoin. With the potential for a weaker U.S. dollar and Federal Reserve interest rate cuts, this could provide a boost to the cryptocurrency.
Analyst Stock Money Lizard noted that Bitcoin has reached the critical support level of $61,800, which is a historically strong reversal point. If there is a daily or weekly close above this level, it could trigger a short-term bullish reversal, targeting the $66,000 to $69,885 range.
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