Bitcoin price needs to push above $85,000 to keep the current bullish momentum from fizzling out.
The latest US initial jobless claims data came at 215,000, below the estimated expectation of 225,000, on April 17. The dip in jobless claims indicated that the US labor market remained stable, with fewer people being affected by the uncertainty of US tariffs. Initial jobless claims are a leading economic indicator that measures the health of the US economy and it often impacts investor sentiment around risk assets like Bitcoin (BTC).
Resiliency in the labor market comes on the back of Federal Reserve Chair Jerome Powell’s recent comment about the impact of tariffs. In a press conference at the economics club of Chicago on April 16, Powell said,
The Fed Reserve Chair also stated that the Fed has no plans to intervene with market bailouts or implement rate cuts in the near future. This stance aligns with his earlier comments from April 4, 2025, when he noted it was “too soon” to consider rate reductions, reflecting the Fed’s cautious approach amid ongoing economic uncertainty.
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