Poor Weekly Jobless Claims Hint at Another Bitcoin Price Plunge

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Bitcoin rally came under the threat this Friday as the number of Americans filing for unemployment claims remains elevated. That, combined with a rising number of COVID cases amid reopening efforts, led the US stock market lower a day before. A positively correlated Bitcoin fell in tandem, signaling it may remain under the pressure of a corrective risk-on outlook. Bitcoin pulled back alongside a broader cryptocurrency index on Friday as traders continued to take cues for direction from the US stock market. The benchmark cryptocurrency fell by a modest 0.23 percent to $9,215.43 in the early trading session. But the loss appeared larger after including its 2.10 percent plunge on Thursday, signaling that it may head lower further into the ongoing intraday, as well as the coming weekend session. Bitcoin price eyes further downside correction, followed by a choppy weekend session amid global uncertainty. Source: TradingView.com The analogy looked the…

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