Bitcoin (BTC) Price Crosses $65k as US Jobs data Hints another Rate cut Ahead

Bitcoin Price Analysis

Bitcoin price crossed the $65,000 mark on Sept 26, as markets reacted positively the lates jobs market data released by the US Bureau of Labor Statistics. On-chain data trends show Bitcoin miners have also recently taken on bullish outlook, a move propel BTC prices above $70,000 in the weeks ahead.

Bitcoin Price Gains 10% amid Dovish US Jobless Claims Data

Bitcoin price has surged past the $65,000 mark around mid-day CET on Thursday, reflecting the market’s positive reaction to the latest Jobs market data published by the US Bureau of Labor Statistics.

On September 26, the U.S. Bureau of Labor Statistics recently revealed a drop in weekly jobless claims, with initial unemployment claims falling by 4,000 to a seasonally adjusted 218,000. This decline signals a robust labor market, maintaining steady conditions.

Additionally, Q2 2024 GDP growth was revised to 3.0%, suggesting that the Federal Reserve might be inclined to consider another interest rate cut, a scenario that historically favors Bitcoin price increases as lower rates weaken the U.S. dollar.

Unsurprising, Bitcoin price witnessed a considerable uptick in the aftermath of the latest US Jobless claims released on Thursday. The chart above shows that Bitcoin price is now up 10% since the initial Fed rate cut on Sept 18.

The rally advanced further on Sept 26, as BTC price had surged by 2.52% within the daily timeframe gains, as it reached a new monthly peak of $65,166.

More so marks the first time Bitcoin price has traded above the $65,000 mark, in over 55-days dating back to Aug 2 2024. With the key resistance levels now breached, further critical market data trends suggest Bitcoin is set to advance further toward the $70,000 area in the weeks ahead.

Bitcoin Miners Flip Bullish, Accumulating BTC Worth $50M in 5-Days

On-chain data indicates that Bitcoin miners have recently adopted a bullish outlook. Miners play a crucial role in the network by securing transactions and validating blocks, are often highly influential on price action within any crypto ecosystem.

Recent trading activity observed among Bitcoin miners this week, suggests growing conviction that the ongoing BTC price rally will likely advance further.

The chart above shows that Bitcoin miners held a cumulative balance of 1,813,005 BTC at the start of the week on Sept 21. But that figure has been on the uptrend all week long, reaching 1,813,779 BTC at the time of writing on Sept 26.

Effectively this implies that miners added 774 BTC  worth approximately $50.6 million to their reserve balances, just within the last 5 days.

When miners hold onto their BTC instead of selling it, it indicates confidence in higher future prices.

Over the past few week, miner reserves have shown a noticeable uptick, reflecting a strong conviction above key stakeholders that the ongoing rally could advance further.

In summary, Bitcoin’s recent 2.5% bounce following dovish Jobs claims data on Sept 26 hints more rate cuts ahead in Q4. Within the current scenario, Bitcoin miners could remain reluctant to sell, as shown by their $50.6 million accumulation this week, inadvertently accelerating the prices and demand for risk assets surges further in rate cuts linger in Q4.

Bitcoin Price Forecast: $70,000 Target Now in Sight

Bitcoin price crossed $65,000 mark on Sept 26, its highest in over 55-days dating back to Aug 2, 2024. US labor market reports released on Thursday, as well as Bitcoin miners swinging bullish with a $50.6 million accumulation frenzy this week suggests BTC price is now poised for another leg-up towards $70,000.

2 vital technical indicators on the BTC/USD daily chart below also support this bullish stance.

Firstly, the Moving Average Convergence Divergence (MACD) line has crossed above the signal line, signaling a strong bullish reversal. This shift is further confirmed by the expanding histogram, which indicates growing upward momentum.

For traders, this is a key sign that market sentiment is turning more positive. The widening gap between the MACD and signal lines adds to the confidence that Bitcoin is likely to push higher in the coming days.

The second crucial technical factor is Bitcoin’s position relative to its 50-day and 200-day moving averages. Currently, Bitcoin is trading comfortably above both, with the 50-day moving average providing strong support at $63,851.

Historically, the 50-day MA acts as a key short-term indicator of market sentiment, while the 200-day MA reflects long-term trends. Currently, both are signaling that Bitcoin remains in bullish territory.

If Bitcoin can maintain its position above $65,000 through the week, it could set the stage for a push towards the $70,000 resistance.