Crypto Rally Builds Ahead of U.S. Jobs Data as Bitcoin Reclaims $65K
The crypto market staged a broad rebound as traders repositioned ahead of U.S. initial jobless claims data, pushing total market capitalization back toward $2.3 trillion. Bitcoin reclaimed the $65,000 level and remains rangebound between roughly $65K–$70K, while Ethereum held near $1,900. Short-liquidations in leveraged markets amplified the upside, and several large-cap and smaller-cap altcoins posted double-digit gains. Analysts cite signs of bearish exhaustion after prior selling and improved risk appetite tied to expectations that weaker labor data would increase the likelihood of Federal Reserve rate cuts — a macro driver that often supports risk assets. Key levels to watch: market cap ~$2.30T as a confirmation of broader bullish momentum and Bitcoin resistance in the $67K–$70K zone; failure to hold support could revive downside risk. Primary keywords: crypto market, Bitcoin, Ethereum, U.S. jobs data, short squeezes. Secondary/semantic keywords: market capitalization, Fed rate cuts, leveraged liquidations, altcoin rebounds, consolidation range.
Bullish
The article describes a rebound driven by risk-on positioning ahead of U.S. initial jobless claims and amplified by short liquidations. These factors are typically bullish in the short term: (1) macro catalyst — weaker-than-expected labor data increases the chance of Fed easing, which supports risk assets; (2) technical signs — Bitcoin reclaiming $65K and a move toward the $2.3T market-cap level suggest bearish exhaustion and renewed buyer interest; (3) market structure — forced short-covering can create momentum breakouts. Historically, similar scenarios (jobs data-driven risk rallies and short-squeeze-fueled moves) have produced sharp short-term rallies in BTC and large-cap altcoins but often lead to elevated volatility and potential pullbacks if fundamentals disappoint. For traders: expect higher intraday volatility, opportunities for momentum trades if Bitcoin breaks above the $67K–$70K resistance, and rapid reversals if U.S. data surprises to the upside (reducing Fed cut odds) or if support near $65K fails. Longer-term impact depends on follow-through — sustained liquidity improvements and confirmed macro easing would be bullish, whereas a one-off squeeze without structural buyers would leave the market vulnerable to renewed selling.