The post Bitcoin Price Prediction: BTC Targets $97K After US Jobless Data Shocks Markets appeared first on Coinpedia Fintech News
Bitcoin is preparing for another potential bounce on the charts, just as fresh U.S. labor data sends mixed signals across financial markets. The combination of technical strength and macro uncertainty is creating a positive environment for traders.
BTC Holds Firm as Price Targets $96.8K Zone
Bitcoin continues to move inside a tight consolidation range, but the overall structure still supports the idea of one more move to the upside. The price is holding above a support in the low $90,000 region, and there are no signs of a bearish breakdown. Analysts say BTC still has room to push toward the $96,700 to $96,850 area, which aligns with the next technical extension.
The sideways movement seen over the past few days is normal for this stage of the pattern. Until Bitcoin breaks below support or shows a clear five-wave decline, the outlook for one more high remains intact.
Mixed U.S. Jobless Data Adds New Tension
The latest economic numbers from the United States brought a surprising twist. Initial jobless claims came in at 191,000, well below the expected 220,000. On the surface, this looks like a strong labor signal. However, the previous day’s ADP report showed private payrolls falling by 32,000 — the biggest drop since March 2023.
This creates a conflicting picture: jobless claims show stability, while payrolls point toward a weakening job market. Despite the lower-than-expected claims, many economists say the broader trend remains soft, increasing pressure on the Federal Reserve to deliver more rate cuts.
The internet quickly reacted with humor, with one user on X writing, “Jerome’s about to cut rates like a barber on a Friday.”
Why Weak Labor Momentum Supports Bitcoin
A weakening labor market often encourages the Federal Reserve to lower interest rates. For Bitcoin, that’s typically a positive development. Lower rates add liquidity to markets, weaken the U.S. dollar, and improve investor appetite for risk assets. Crypto has historically performed well during periods of monetary easing, and traders are already positioning for the possibility of deeper cuts.