Analysts pay attention to the growth of the bitcoin cryptocurrency

During yesterday’s trading, the main digital coin rose locally to $ 61,750, but buyers failed to fully realize its potential. The local bullish reaction of bitcoin was driven by data on the US labor market.

According to the statistics presented, the number of applications for unemployment benefits reached 231,000, while the expected value was 212,000. This situation suggests that the local labor market is showing signs of weakness.

At the same time, the national economy is slowing down. In March of this year, the US gross domestic product grew by 1.6%, which was significantly lower than forecast. All this puts the Fed in a disadvantageous position. Prolonged tight monetary policy has begun to put systemic pressure on both the economy and the labor market. Many experts believe that this may force the Fed to begin easing monetary policy early this fall.

As for the VTC-ETFs, they attracted $ 11.5 million over the past day. This is in stark contrast to the figures for May 3 and 6, when sectoral funds received more than $ 200 million from investors. At the moment, experts' opinions on the future dynamics of BTC are significantly divided.

Many experts assume that the main digital currency will continue to consolidate in the near future.

However, many believe that bitcoin will continue to grow rapidly in the long run. Thus, the popular trader Titan of Crypto believes that this year, BTC may well reach $ 110,000. However, the expert suggests that before that, bitcoin may go into a localized drawdown. In his opinion, a correction closer to the $ 55,000 mark may occur in the near future.