Labor difficulties, gain for cryptocurrencies: weak JOLTS data paves the way for a Bitcoin rally

Today's JOLTS report showed a sharp decline in job openings in the U.S., but this may not be negative for Bitcoin.

Labor difficulties, gain for cryptocurrencies: weak JOLTS data paves the way for a Bitcoin rally

Market Analysis

Key points:

Weak labor and consumer data often precede Bitcoin rallies, leading some analysts to anticipate future economic stimulus programs.

Job openings fell to 7,200,000 in March, down from the 7,500,000 expected, and consumer confidence reached its lowest level since January 2021.

If past patterns hold, Bitcoin could rebound by mid-July and possibly reach $140,000 by October 2025.

For a long time, macroeconomic conditions have been considered a significant influence on cryptocurrency prices. Generally, Bitcoin

BTC

€83,111

and altcoins perform poorly when investors fear that labor and consumption data are weakening.

According to a JOLTS report from the U.S. Department of Labor released on April 29, job openings in March were nearing their lowest levels in four years. U.S. employers posted 7,200,000 vacancies in March, down from the 7,500,000 that economists had forecasted. Meanwhile, U.S. consumer confidence fell for the fifth consecutive month in April, reaching its lowest point since January 2021.