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Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) erased losses into the Oct. 24 Wall Street open as United States unemployment data delivered another surprise.
<figure>
 <img alt="Bitcoin Price, Markets, Market Analysis" src="https://s3.cointelegraph.com/uploads/2024-10/0192beca-2130-7947-9b9b-0c107037609c" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<h2 id="us-jobless-claims-sustain-btc-price-rebound">US jobless claims sustain BTC price rebound</h2>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="null" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="dofollow" target="_blank" text="null" title="null">TradingView</a> revealed 1.5% BTC price gains on the day.
A firm rebound from <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-must-hold-2021-level-btc-price-dip-over" rel="null" target="null" text="null" title="null">10-day lows of $65,000</a> continued as initial jobless claims came in below expectations for a second consecutive week at 227,000 versus 241,000 on Oct. 17.
Bets that the Federal Reserve would cut interest rates again at its Nov. 7 meeting increased modestly as a result to 92.9%, per data from CME Group’s <a data-ct-non-breakable="null" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" rel="noopener noreferrer nofollow" target="_blank" text="null" title="null">FedWatch Tool</a>.
<figure>
 <img alt="BTC price aims for $68K as US unemployment beat ups Fed rate cut odds" src="https://s3.cointelegraph.com/uploads/2024-10/0192bec2-ec2a-750d-9faa-a3f9989b9fb1" title="">
 <figcaption style="text-align: center;">
 Fed target rate probabilities. Source: CME Group
 </figcaption>
</figure>
BTC price action thus approached a cloud of resistance liquidity around $68,000, order book coverage from monitoring resource <a data-ct-non-breakable="null" href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" rel="noopener noreferrer nofollow" target="_blank" text="null" title="null">CoinGlass</a> showed.
<figure>
 <img alt="BTC price aims for $68K as US unemployment beat ups Fed rate cut odds" src="https://s3.cointelegraph.com/uploads/2024-10/0192bec6-bb47-72a7-91ed-318749a17a0d" title="">
 <figcaption style="text-align: center;">
 BTC liquidations heatmap (screenshot). Source: CoinGlass
 </figcaption>
</figure>
“BTC short liquidations at $68,200, also the failed level from Monday,” popular trader Justin Bennett <a data-ct-non-breakable="null" href="https://x.com/JustinBennettFX/status/1849435798262653081" rel="noopener noreferrer nofollow" target="_blank" text="null" title="null">noted</a> in his latest post on X.&nbsp;
<blockquote>
 “Sweep shorts before retargeting $65,800 and potentially the monthly open? Invalidation on a daily close above $68,200.”
</blockquote>
<figure>
 <img alt="BTC price aims for $68K as US unemployment beat ups Fed rate cut odds" src="https://s3.cointelegraph.com/uploads/2024-10/0192bec4-1226-79ca-80ee-9ed7262920d9" title="">
 <figcaption style="text-align: center;">
 BTC/USDT perp contract 1-day chart. Source: Justin Bennett/X
 </figcaption>
</figure>
Crypto trading platform Hyblock Capital, meanwhile, sought to explain the trip to $65,000.
“The price of BTC started decreasing at the start of the week. Longs began chasing, trying to catch the bottom (highlighted in green),” it <a data-ct-non-breakable="null" href="https://x.com/hyblockcapital/status/1849416243306262564" rel="noopener noreferrer nofollow" target="_blank" text="null" title="null">explained</a> alongside a corresponding chart.
<blockquote>
 “Price fell further and trapped these longs. Most of the recent downmove is aggressive longs closing their positions.”
</blockquote>
<figure>
 <img alt="BTC price aims for $68K as US unemployment beat ups Fed rate cut odds" src="https://s3.cointelegraph.com/uploads/2024-10/0192bec4-d6aa-7c18-ad98-7e7cf9eae233" title="">
 <figcaption style="text-align: center;">
 BTC/USDT perp contract chart. Source: Hyblock Capital/X
 </figcaption>
</figure>
<h2 id="bitcoin-breakout-hinges-on-weekly-close">Bitcoin breakout hinges on weekly close</h2>
Updating X followers on progress beating out <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/btc-price-break-7-month-slump-bitcoin-etfs-hit-65b" rel="null" target="null" text="null" title="null">seven-month resistance</a> in place since the March all-time high, meanwhile, trader and analyst Rekt Capital stayed positive.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-analysis-lower-risk-aversion-retail-demand-adds-13" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-analysis-lower-risk-aversion-retail-demand-adds-13">Bitcoin analysis sees ‘lower risk aversion’ as retail demand adds 13%</a>
The best outcome for a breakout with staying power, he <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1849435499871576243" rel="noopener noreferrer nofollow" target="_blank" text="null" title="null">argued</a>, would be if the current weekly candle were to close above $67,900.
“Bitcoin is still retesting the Channel Top (black) as support on the Daily timeframe,” he <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1849431846905393662" rel="noopener noreferrer nofollow" target="_blank" text="null" title="null">continued</a>.
<blockquote>
 “Yes, Bitcoin downside wicked below briefly but continued candle-closes above the Channel Top mean that price is trying to solidify a sustainable support here.”
</blockquote>
<figure>
 <img alt="BTC price aims for $68K as US unemployment beat ups Fed rate cut odds" src="https://s3.cointelegraph.com/uploads/2024-10/0192bec5-9257-7bac-b509-6c72d58aede3" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-day chart. Source: Rekt Capital/X
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

BTC price aims for $68K as US unemployment beat ups Fed rate cut odds

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