BTC Finds Support, LDO Breaking Out

Today, we’re witnessing a return of familiar correlations as Bitcoin, gold, and equities all stage a mini rally. Today’s major macro news was the leap in jobless claims to 261k, a level not reached since October 2021 and notably above consensus. Advocates of continued rate hikes frequently point to the consistent strength of the labor market. However, this new data could signal the onset of a softening jobs market beginning to reflect in the economic indicators. As one might expect, rates are trending lower today, aligning with the modest rally observed. Amid the recent barrage of SEC lawsuits, BTC seems to be finding stability around its 200-week moving average. However, as anticipated, altcoins continue to lag, likely influenced by recent negative headlines.