Bitcoin and crypto head lower with stocks and gold as US jobs data beats expectations.
Bitcoin fell to new local lows on the back of strong US jobs data, joining stocks and gold in what analysis called an “overdue” correction.The US dollar index reaches its highest levels in three weeks as jobless claims come in below expectations.
US jobless claims data came in below expectations on the day — a sign that labor market weakness may not be as acute as thought.“And just like that, initial jobless claims are no longer a worry,” Ryan Detrick, chief market strategist at capital market company Carson Group, wrote in part of a US dollar strength surged as a result, with the US dollar index hitting three-week highs while crypto, stocks and gold fell.The mood was not helped by uncertainty over the Russia-Ukraine conflict amid reports of Russian jet interceptions over Alaska.$110,000 make-or-break for BTC priceSwissblock argued that BTC/USD needed to reclaim $115,200 to have a shot at revisiting the top of its range. Losing $110,000, on the other hand, would open up the path toward the $100,000 mark.Bullish crypto takes focused on topside exchange order-book liquidity. With markets heavily short, a “squeeze” higher seemed all the more probable.“$AVAX short-side is 96.2% of the pending liqs. $ETH at 78.3%. $BTC at 69.4%. This is how liquidations build up. Smart money knows this is magnet for price.” This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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