For risk assets such as Bitcoin, recent U.S. initial jobless claims data tends to be bearish in the short term, as a strong labor market reduces the likelihood of interest rate cuts, thereby supporting speculative investments.
Bitcoin prices have been fluctuating in a narrow range over the past few days, failing to break through the $86,000 mark. In view of this, anonymous cryptocurrency trader Titan of Crypto said that Bitcoin is at an "inflection point."
Inflection points in trading refer to critical moments when market direction or momentum may undergo a major shift. Inflection points are moments when the balance between buyers and sellers reaches a critical point, which usually leads to a trend reversal or acceleration.
