According to Cointelegraph, the latest data on U.S. initial jobless claims revealed a figure of 215,000, which is below the anticipated 225,000 as of April 17, 2025. This decline suggests a stable labor market, with fewer individuals impacted by the ongoing uncertainty surrounding U.S. tariffs. Initial jobless claims serve as a crucial economic indicator, reflecting the health of the U.S. economy and influencing investor sentiment, particularly concerning risk assets like Bitcoin (BTC).
The resilience in the labor market follows recent remarks by Federal Reserve Chair Jerome Powell regarding the effects of tariffs. During a press conference at the Economics Club of Chicago on April 16, Powell highlighted that the announced tariff increases are significantly larger than expected, likely leading to higher inflation and slower economic growth. He also emphasized that the Federal Reserve has no immediate plans to intervene with market bailouts or implement rate cuts, maintaining a cautious stance amid ongoing economic uncertainties. This aligns with his earlier comments from April 4, 2025, where he stated it was "too soon" to consider rate reductions.
In contrast, the European Central Bank has responded to economic pressures from U.S. trade tariffs by reducing interest rates to 2.25% from 2.50%. This marks the ECB's seventh rate cut within a year, bringing borrowing costs to their lowest level since late 2022. Meanwhile, Bitcoin remains at a critical juncture, with the recent U.S. jobless claims data suggesting a bearish outlook in the short term for risk assets. A robust labor market diminishes the likelihood of rate cuts, which typically support speculative investments.
Bitcoin prices have been consolidating within a narrow range, struggling to surpass the $86,000 mark. An anonymous crypto trader, Titan of Crypto, described Bitcoin as being at an "inflection point," where market direction or momentum could shift significantly. The trader noted that on the 1-hour chart, Bitcoin is contracting within a triangle pattern and is poised to choose a direction, with the Relative Strength Index (RSI) above 50 and attempting to break resistance. Order flow trader Magus observed that Bitcoin is consolidating between $83,700 and $85,200, emphasizing that for bullish momentum to continue, Bitcoin must break above $85,000 soon. Failure to do so could signal potential bearish risks on the long-term chart.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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