BTC price eyes $112K as risk assets 'ignore bad news' on unemployment
Bitcoin (BTC) approached $111,000 as the Wall Street open coincided with mixed US unemployment data. Initial jobless claims were reported at 227,000, below expectations, while continuing claims exceeded targets by 13,000. Despite this uncertainty, risk assets like Bitcoin and stocks maintained their levels, indicating bullish market sentiment. Analysts noted that BTC is in a price discovery phase, with a lack of volatility and profit-taking at record highs. The absence of significant profit realization was highlighted, with only $1 billion in profit-taking when BTC hit its all-time high, compared to $2.1 billion during its previous crossing of $100K. Order book liquidity showed thickening bids and asks around the current price, suggesting potential for a larger price movement once the current range is broken.
