Analysts reveal the reasons for bitcoin’s fall to $ 69,000

The value of the cryptocurrency market’s flagship fell to $ 69,000 amid the publication of mixed data on the US labor market. This provoked liquidations of BTC $62,357.97 Bitcoin -2.11% Market capitalization $1.23 trillion VOL. 24 hours $1.24 billion worth more than $ 400 million.

The new economic indicators showed both positive and alarming signals for the US economy. The number of nonfarm payrolls rose to 272,000 in May, well above April’s 165,000 and the Dow Jones forecast of 190,000. However, the unemployment rate rose to 4% for the first time since January 2022.

Job growth was particularly noticeable in health care, leisure, hospitality, and the public sector. Analysts consider this report harsh, suggesting that it may postpone interest rate cuts.

According to FedWatch, futures show a 50.5% probability of a rate cut by September. Such uncertainty leads to increased volatility in the cryptocurrency market.

According to Coinglass, the total volume of liquidations over the past 24 hours reached $ 411.88 million, affecting almost 148,000 traders. $ 360.41 million was accounted for by long positions.

Despite the recent decline, well-known analyst Біллі Маркус" href="https://noworries.news/biography/billi-markus/" data-bio-id="3704">Marcus Thielen is confident in the positive dynamics of bitcoin. In his latest report, he emphasizes the potential for BTC to reach $ 83,000 due to the formation of a head-and-shoulders pattern on the chart and macroeconomic factors supporting growth.