Bitcoin news: the price of Bitcoin reversed from the $110K mark as US hot job data dampened expectations for a rate cut in July.
AI Summary
Key findings:
Bitcoin briefly touched $110.3K before falling due to stronger-than-expected US employment data.
June employment data and the drop in unemployment reduce the likelihood of a Fed rate cut in July.
Futures on Fed funds now forecast only two rate cuts by the end of 2025.
BTC must hold support at the $108K level to maintain bullish momentum towards $112K–$120K.
Bitcoin fell below $110K as a strong US employment report reduced the likelihood of a Fed rate cut in July.
Bitcoin (BTC) experienced sharp intraday volatility on Thursday, briefly rising to $110,300 before falling, as US employment data turned out stronger than expected, raising doubts about imminent Fed rate cuts.
According to Cointelegraph Markets Pro and TradingView, BTC/USD quickly lost gains during the opening of the US market, falling to around $109,400 as traders processed unexpected data.