U.S. nonfarm payrolls data for April came in markedly below expectations, offering some of the labor market weakness that the Federal Reserve said would bolster the case for interest rate cuts.
“We are prepared to maintain the current target range for the federal funds rate for as long as appropriate,” Fed Chair Jerome Powell said during aNonfarm payrolls went against other recent macro data prints which served to undermine bulls’ confidence.“How is this a ‘soft landing?’”put the odds of a rate cut at the June meeting of the Federal Open Market Committee, or FOMC, at just below 15%. The July meeting odds were 33% for a minimal 0.25% cut.
“Historically over the past year Bitcoin has a habit of breaking below support on higher time frames and reclaiming soon after.”Revealing whale behavior in recent days, meanwhile, Ki Young Ju, founder of on-chain analytics firm CryptoQuant, said that the area below $60,000 had been a popular one for “buying the dip.”This article does not contain investment advice or recommendations.
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