Key points:
Weak labor and consumer data often precede Bitcoin rallies, leading some analysts to anticipate future economic stimulus programs.
Job openings fell to 7.2 million in March versus the 7.5 million forecast and consumer confidence hit its lowest level since January 2021.
If past patterns hold, Bitcoin could rally by mid-July and possibly reach $140,000 by October 2025.
Macroeconomic conditions have long been seen as a major influence on cryptocurrency prices. Generally, Bitcoin (BTC) and altcoins perform poorly when investors fear that employment and consumer data are weakening.
According to a US Labor Department JOLTS report released on April 29, job openings in March approached their lowest levels in four years. US employers posted 7.2 million vacancies in March, below the 7.5 million that economists had forecast. Meanwhile, US consumer confidence fell for the fifth straight month in April, reaching its lowest point since January 2021.
US Consumer Confidence (left)