Analyst Sees Bitcoin Path to $97K as Weak Jobs Data Shift Fed Odds
Bitcoin’s recovery is drawing support from softer employment figures and renewed investment demand, according to 21shares. The firm’s strategist views reduced expectations for further monetary tightening as favorable for cryptocurrencies heading into the final quarter.
Softer Jobs Data Put Bitcoin’s $87K Barrier in Focus
Bitcoin broke through $85,000-$86,000 overnight and was testing $87,000 on Oct. 2 when Matt Mena, senior crypto research strategist at 21shares, a crypto investment product issuer, supplied comments to Bitcoin.com News. He linked the advance to changing economic expectations and described the latter level as a barrier that had constrained prices for much of the year.
The strategist identified $87,000 as a resistance level, meaning a price area where selling pressure can impede an advance. Mena said:
“More uncertain macro data, such as this jobs report, could be the catalyst to clear this resistance and set the path to the next resistance levels: $90K and $97K.”
The employment backdrop weakened as U.S. employers added 29,000 jobs in September and unemployment reached 4.2%, according to the September employment figures released Oct. 2 by the Bureau of Labor Statistics. July and August gains were revised down by a combined 60,000.
Mena argued that softer hiring gives the Federal Reserve room to hold rates into 2027, describing a weekly decline of more than 35% in hike odds. Separately, derivatives exchange CME Group’s FedWatch rate probabilities reflect prices of contracts tied to future interest rates; they represent traders’ expectations.
Bitcoin’s recovery is drawing support from softer employment figures and renewed investment demand, according to 21shares. The firm’s strategist views reduced expectations for further monetary tightening as favorable for cryptocurrencies heading into the final quarter.
Softer Jobs Data Put Bitcoin’s $87K Barrier in Focus
Bitcoin broke through $85,000-$86,000 overnight and was testing $87,000 on Oct. 2 when Matt Mena, senior crypto research strategist at 21shares, a crypto investment product issuer, supplied comments to Bitcoin.com News. He linked the advance to changing economic expectations and described the latter level as a barrier that had constrained prices for much of the year.
The strategist identified $87,000 as a resistance level, meaning a price area where selling pressure can impede an advance. Mena said:
“More uncertain macro data, such as this jobs report, could be the catalyst to clear this resistance and set the path to the next resistance levels: $90K and $97K.”
The employment backdrop weakened as U.S. employers added 29,000 jobs in September and unemployment reached 4.2%, according to the September employment figures released Oct. 2 by the Bureau of Labor Statistics. July and August gains were revised down by a combined 60,000.
Mena argued that softer hiring gives the Federal Reserve room to hold rates into 2027, describing a weekly decline of more than 35% in hike odds. Separately, derivatives exchange CME Group’s FedWatch rate probabilities reflect prices of contracts tied to future interest rates; they represent traders’ expectations.