Bitcoin price finds respite at $61K while US jobless claims soar to 9-month highs

Bitcoin (BTC) was unable to maintain a rebound as Wall Street opened on May 9, despite positive macro data supporting risk-asset bulls. The BTC/USD 1-hour chart showed a brief spike to $61,750, but it quickly dropped back below $61,000. This occurred following the release of the latest jobless claims data in the United States, which exceeded expectations and reached the highest levels in nine months. The Federal Reserve had previously highlighted labor market strain as a reason to consider interest rate cuts. Despite some big bids appearing between $59-60K, BTC/USD did not show any signs of celebration. Liquidity was being taken both above and below spot price while BTC/USD remained within a rigid trading range. Trading firm QCP Capital suggested that this behavior would persist due to the current pricing in of two Federal Reserve cuts this year. However, popular trader Titan of Crypto remains optimistic, giving a potential upside target of $75,000 by the end of the consolidation period and expecting Bitcoin to reach six figures for the first time.