Bitcoin price today has seen a strong recovery, climbing nearly 3% to around $65,106 after falling to $62,553. This recovery comes just ahead of the upcoming U.S. Initial Jobless Claims report, a key U.S economic indicator that has recently impacted crypto market momentum.
Previous data shows Bitcoin often rises after jobless claims, and now experts are watching the key $70,000 level.
The latest recovery in bitcoin price suggests traders are positioning ahead of the next U.S. labor market report, which could shape expectations around Federal Reserve interest rate policy.
Last week on 19th Feb, Initial Jobless Claims came in at 206,000, lower than market expectations. Following the release, Bitcoin surged nearly 2.7%, reaching a high of $67,518, showing a clear connection between labor data and crypto market sentiment.
This pattern has repeated several times this month, where Bitcoin has reacted positively after jobless claims releases.
The recent bounce shows growing optimism before the February 26 jobless claims report, which is expected to come in around 216,000.
Jobless claims are a key indicator of economic strength. Rising jobless claims suggest weakening labor market conditions, which could increase the chance of Federal Reserve interest rate cuts.
Lower interest rates generally improve liquidity across financial markets, making risk assets like Bitcoin more attractive to investors.
As a result, weaker jobless data often supports Bitcoin’s price, while stronger labor data can reduce expectations of rate cuts and limit upside momentum.
Looking at the daily Bitcoin price chart, BTC has tested the support many times this month in the $62,000–$64,000 range, including on February 6, 13, and 19. Each time, buyers stepped in, showing strong interest at lower prices.
But it has always failed to break above the $67,875 resistance level so far.
If Bitcoin breaks above this level, it could move up to test the next resistance near $70,531. A clear breakout above $70,500 may lead to a stronger upward move toward higher price levels.
Meanwhile, the RSI is near 34, which shows Bitcoin is slowly recovering from oversold levels.
Bitcoin is up nearly 3% today as traders position ahead of the upcoming U.S. Jobless Claims report, which often influences market expectations for Federal Reserve interest rate policy.
Jobless Claims indicate economic health. Weaker data raises chances of Fed rate cuts, increasing liquidity and making risk assets like Bitcoin more attractive to investors.
Bitcoin is showing a slow recovery from oversold levels, with strong buyer support established in the $62,000–$64,000 range. A break above $67,875 is needed to confirm further upside.
The U.S. Initial Jobless Claims report is typically released at 8:30 AM Eastern Time. Today’s figures are expected to come in around 216,000.
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