bacaartikeldisiniaja-- Bitcoin prices fell on Friday, falling below $70,000 as the dollar strengthened following important non-farm payrolls data.
Bitcoin is down 1.32% over the past 24 hours to $69,505.50 as of 2::02 PM ET (7:44:44:02 PM GMT).
The token is expected to gain more than 4% this week after breaking out of the $60,000 to $70,000 trading range established since mid-March.
Rate cut bets heighten ahead of data Non-farm payroll.
Bitcoin prices and broader cryptocurrencies have been boosted by growing expectations that the Fed will begin cutting interest rates in September.
A series of weak US economic data supports the idea this idea, with traders betting that a slowdown in the US economy will make the Fed more confident in easing monetary policy.
The dollar fell this week, also benefiting risk assets.
The figures come ahead of key nonfarm payrolls data, due out next Friday, which are expected to provide more precise guidance on the labor market and interest rates.
Looser monetary conditions bode well for high-risk speculative assets like cryptocurrencies, as they free up more capital that can then be channeled into cryptocurrency speculations death.
Bitcoin traded below record highs below $3,000 as expectations of lower interest rates sent a flood of institutional capital into cryptocurrency-linked exchange-traded funds.
The hype surrounding the approval of Bitcoin spot ETFs for the US market was a key factor in helping the cryptocurrency reach record highs earlier this year.
The prospect of a rate cut could spark a new record rally for the token in the near term, analysts say.
Bitcoin could soon hit $83,000, technical analysts say Bitcoin could be poised to surge to $83,000 as it completes a significant uptrend on the daily chart, according to technical analysis from 10x Research.
A move above $72,000 would confirm a breakout of an inverse head-and-shoulders pattern, which has three price bottoms, with the middle bottom being the deepest.
“It’s only a matter of time before Bitcoin hits a new all-time high,” analysts at 10x Research said in a note seen by Coindesk.
“The head and shoulders formation suggests an early rally towards 83,000, with the resistance line likely to be broken in the coming days.
The ideal time to break this resistance is today, Friday June 7 or next week, Wednesday June 12,” they added.
According to the principles of technical analysis, the inverted head and shoulders pattern often appears after a downtrend and signals an uptrend reversal after a breakout.
This trend rarely occurs in an uptrending market, signaling continued price growth.
The break above $72,000 depends partly on the nonfarm payrolls report.
Cryptocurrency Prices Today: altcoins are holding strong, with average weekly performance.
Among the broader crypto markets, major altcoins also fell slightly on Friday, reacting to the latest jobs data.
But most tokens are set for weekly gains, amid expectations for lower rates and optimism about the Ether spot ETF persisting.
The world's No. 2 token Ether fell 1.64% to $3,691.48 and traded almost flat for the week.
Altcoins XRP, SOL fall while ADA ADA adds 2.9% on Friday.
