Bitcoin

Material

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) spiked through $58,000 into the Aug. 8 Wall Street open as United States unemployment data boosted the mood.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/7989aeee-7838-4d1a-939a-078c95276f07.png" alt="Bitcoin price taps week-to-date high near $58.5K amid US jobs data miss" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="low-jobless-claims-good-news-for-bitcoin">Low jobless claims “good news” for Bitcoin</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed local BTC price highs of $58,482 on Bitstamp — the best performance week-to-date.
US initial jobless claims came in at 233,000, below expectations, feeding a positive narrative over the economy where previously, talk of recession abounded.
“Despite being an inherently noisy high-frequency data release, today’s US jobless claims will attract a lot of attention,” economist Mohamed El-Erian wrote in part of an X&nbsp;<a href="https://x.com/elerianm/status/1821457146074079355" target="_blank" rel="noopener nofollow">post</a> in advance of the release.
El-Erian suggested that a print below 230,000 “would point to gradual and orderly normalization rather than something worse.”
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/13315b96-d3bb-48ff-a345-eecf272a4388.png" alt="Bitcoin price taps week-to-date high near $58.5K amid US jobs data miss" title="">
 <figcaption style="text-align: center;">
 BTC liquidation heatmap (screenshot). Source: CoinGlass
 </figcaption>
</figure>
The latest data from monitoring resource <a href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" target="_blank" rel="noopener nofollow">CoinGlass</a> captured an assault on overhead ask liquidity as a result of the jobs claims, with resistance yet to be replenished at the time of writing.
Trading resource Material Indicators <a href="https://x.com/MI_Algos/status/1821527909489664121" target="_blank" rel="noopener nofollow">added</a> that traders on largest global exchange Binance had responded by placing BTC buy orders worth $30 million.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/960a4a51-4e76-48e6-a8c4-1b1461a8cfa4.png" alt="Bitcoin price taps week-to-date high near $58.5K amid US jobs data miss" title="">
 <figcaption style="text-align: center;">
 BTC/USDT order book data for Binance. Source: Material Indicators/X
 </figcaption>
</figure>
Responding, however, traders continued to err on the side of caution, given the extent of recent BTC price downside.
Popular trader Roman suggested that BTC/USD would reach a maximum of $60,000 before returning to the lower end of its weekly range — a theory already gaining traction on social media.
“So far so good. Still expecting a 60k retest then a dump back to lows before we attempt to get a potential reversal,” he <a href="https://x.com/Roman_Trading/status/1821528141497852286" target="_blank" rel="noopener nofollow">told</a> X followers. 
<blockquote data-ct-non-breakable="true">
 “Price action proving bearish as well (volume down + price up) so I’m expecting a down once we hit resistance.”
</blockquote>
<h2 data-ct-non-breakable="true" id="draining-liquidity-below">Draining liquidity below</h2>
Zooming out, meanwhile, fellow trader Daan Crypto Trades noted that little significant liquidity remained to the downside.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-speculators-93-unrealized-losses-365m-wipeout">Bitcoin speculators sit on 93% unrealized losses after $365M ‘wipeout’</a>
“Has taken out whatever liquidity was left below, all the way down to sub $50K,” he <a href="https://x.com/DaanCrypto/status/1821509159612817549" target="_blank" rel="noopener nofollow">summarized</a> about the CoinGlass data. 
<blockquote data-ct-non-breakable="true">
 “The $70K-$72K Region has been one to watch for the entire year. We’re pretty far off from any big liquidity cluster right now but we’ll form them as we start consolidating here.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/1fa62884-1a31-4422-a472-68b37d423666.png" alt="Bitcoin price taps week-to-date high near $58.5K amid US jobs data miss" title="">
 <figcaption style="text-align: center;">
 BTC/USDT liquidation heatmap. Source: Daan Crypto Trades/X
 </figcaption>
</figure>
Price thus partly filled a nearby gap in CME Group’s Bitcoin futures market, which <a href="https://cointelegraph.com/news/btc-price-58k-cme-gap-analysis-2-bitcoin-death-crosses">Cointelegraph reported on</a> the day prior.
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.

Bitcoin price taps week-to-date high near $58.5K amid US jobs data miss

Table of Contents

Cointelegraph

Other articles published on Aug 8, 2024

Binance Lists Toncoin with New Trading Pairs

Algorand’s PPoS Consensus: Dive into the Ultimate Guide for Maximum Profit with the Top Crypto Pr...

Nubit and Succinct launch Nuport to Improve Blockchain Interoperability

Ripple Ordered to Pay $125M in Securities Law Violation Case, Possibly Ending SEC vs. Ripple Conf...

Shiba Inu Faces Potential Further Decline Despite Market Recovery

$4WIN Skyrockets to $8 Million Market Cap in Record Time – The Next Big PolitiFi Memecoin?

Join our free newsletter for daily crypto updates!