Analyst: If US employment data is weaker than expected, Bitcoin may hit a new high in July.

Gate News bot news, analysts say that if institutional investors continue to buy in, and if US employment data is "weaker than expected," Bitcoin may rise to over $115,000 next month, reaching a new historical high.

Analysts say that despite the recent pullback "raising some concerns, investors remain optimistic." Market sentiment also remains strong, with the cryptocurrency fear and greed index showing "greed," scoring 57 points (out of a maximum of 100).

The U.S. Bureau of Labor Statistics will release the monthly U.S. employment report on June 6. U.S. employment data is an important indicator for Bitcoin, as it influences the Federal Reserve's interest rate decisions, which in turn affects the market's sentiment towards Bitcoin and other risk assets.

However, analysts say: "Stronger-than-expected reports may delay interest rate cuts, thereby boosting the dollar and potentially putting downward pressure on Bitcoin." Weaker-than-expected reports could reinforce the "deflation theory" and prompt the Federal Reserve to consider cutting interest rates earlier, which would be favorable for Bitcoin.

Analysts say: "If the employment report shows a strengthening labor market, Bitcoin may test support levels around $102,000 or lower. Overall, the results of the report are crucial for traders in shorter time frames, but from a broader perspective, it is just a small part of a larger puzzle."

Source: Cointelegraph