Bitcoin Price Drop - Here's Why

The price of Bitcoin (BTC) fell to the $69,000 level, reflecting a 2.5% decline in the past 24 hours after the release of mixed US employment data.

This decline occurred as the market reacted to the new economic data , showing both positive and worrying signs for the US economy.

Key economic indicators included nonfarm payrolls rising to 272,000 in May, well above April's 165,000 and the Dow Jones forecast of 190,000. However, the unemployment rate also rose to 4%, the highest since January 2022.

Job gains were notable in the health care, government, recreation and hospitality sectors. Analysts viewed this report as "hawkish," suggesting it could delay an expected rate cut.

According to the CME FedWatch Tool, there is a 50,5% chance of a rate cut by September. This uncertainty has increased the volatility of the crypto market, affecting Bitcoin in particular. Данни from Coinglass revealed that the total amount of cryptocurrency liquidations in the last 24 hours reached over $410 million, affecting nearly 147,000 traders.