Source: Cointelegraph Original: "{title}"

The latest U.S. initial jobless claims data shows that as of April 17, the number stands at 215,000, lower than the expected 225,000. This decline in jobless claims indicates that the U.S. labor market remains stable, with fewer people affected by the uncertainty surrounding U.S. tariffs. Initial jobless claims are a leading economic indicator of the health of the U.S. economy and typically influence investor sentiment towards risk assets such as Bitcoin.

The resilience of the labor market is attributed to recent comments by Federal Reserve Chairman Jerome Powell regarding the impact of tariffs. At a press conference on April 16 at the Chicago Economic Club, Powell stated, "The level of tariff increases announced so far is significantly higher than expected. The economic effects may also be so, including higher inflation and slower growth."

Powell also indicated that the Federal Reserve has no plans for market relief or interest rate cuts in the near term. His stance aligns with his earlier comments on April 4, 2025, when he mentioned that "it is too early to consider rate cuts," reflecting the Fed's cautious approach amid ongoing economic uncertainty.

However, the European Central Bank has lowered interest rates from 2.50% to 2.25% to address the economic pressures brought on by U.S. trade tariffs. Data shows that the ECB has reduced borrowing costs to their lowest level since the end of 2022, marking the seventh rate cut in the past year.

Analysts say Bitcoin is at a turning point

For risk assets like Bitcoin, the recent U.S. jobless claims data leans bearish in the short term, as a strong labor market reduces the likelihood of interest rate cuts, which supports speculative investments.

Bitcoin's price has been consolidating within a narrow range over the past few days, failing to break through the $86,000 level. In this regard, an anonymous crypto trader known as Titan of Crypto stated that Bitcoin is at a "turning point."

A turning point in trading is a critical moment when the market direction or momentum may undergo significant change. It is the moment when the balance between buyers and sellers reaches a tipping point, often leading to a trend reversal or acceleration. Traders noted, "Bitcoin is at a turning point. On the 1-hour chart, Bitcoin is contracting within a triangular range and will soon choose a direction. The Relative Strength Index (RSI) is above 50 and attempting to break its resistance. Market movements are brewing."

Order flow trader Magus pointed out that Bitcoin is consolidating between $83,700 and $85,200. To maintain upward momentum, Bitcoin must break through $85,000 as soon as possible, as long-term charts signal potential bearish risks if this level cannot be surpassed.

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This article does not contain investment advice or recommendations. Every investment and trading activity carries risks, and readers should conduct their own research before making decisions.

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