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#BTC at $70K. Break ATH soon? Expectation of a New Record for Bitcoin: Unemployment and Inflation Data Will be Determining
Crypto research firm QCP Capital discussed factors that could bring a new peak in Bitcoin.
QCP Capital, in its report published on June 6, revealed investor expectations by analyzing the movements of Bitcoin and other cryptocurrencies in the market.
QCP Capital mentioned that US unemployment and inflation data could lead to Bitcoin reaching new record levels. According to analysts, low unemployment claims and positive CPI data could drive Bitcoin's price to new highs. In addition, inflows of $488.1 million to spot Bitcoin ETFs are also supporting this rise.
Analysts also said that after QCP, the Bank of Canada cut its interest rates by a quarter point to 4.75%, the European Central Bank could take a similar step. This suggests that with the market pricing potential interest rate cuts, Bitcoin may gain momentum.
It's only a short time left for the US data
Despite the 5% drop last week, it is stated that Bitcoin has recovered these losses and price movements may pause for a while as the market digests macroeconomic events.
It was emphasized that the non-farm payrolls and unemployment data to be announced by the US on Friday, June 7th could push Bitcoin to a new peak.
The cryptocurrency market is sluggish ahead of US jobless claims and non-farm payroll data to be released on Friday. Bitcoin is trading at $71,065, while Ethereum is at $3,850. According to CoinGecko, the global crypto market cap reached $2.78 trillion, up 0.6% in the last 24 hours.