It is expected to reach 83,000 dollars despite the recent slide

The price of BTC fell to $69,000 after the release of mixed US jobs data on Friday, prompting more than $411 million in outflows.

This decline followed the crypto market's reaction to new economic indicators, which showed both positive and worrisome signs for the US economy.

Economic indicators and market sentiment set the stage for Bitcoin's continued movement.

Nonfarm payrolls rose to 272,000 for May, well above April's 165,000 and the Dow Jones estimate of 190,000. However, the unemployment rate rose to 4 percent for the first time since January 2022.

Job gains were significant in healthcare, government, entertainment and hospitality. Analysts see this report as hawkish, suggesting it could delay rate cuts.

Read more: How to protect yourself from inflation using cryptocurrency

According to the CME FedWatch Tool, futures indicate a 50.5% chance of a rate cut in September. Market uncertainty has led to increased volatility in the crypto market, especially for Bitcoin.

According to data from Coinglass, total crypto liquid flows reached $411.88 million in the last 24 hours and touched around 148,000 traders. Long positions covered $360.41 million, while short positions gained $51.47 million.

Despite the recent dip, 10x Research analyst Marcus Thielen offers a positive outlook for Bitcoin in the long term. In his latest report, Thielen highlights the potential for Bitcoin to reach $83,000, driven by a bullish head-and-shoulders formation and supportive macroeconomic conditions.

Recent interest rate cuts in Canada, Denmark and Europe and further cuts due to weaker economic indicators in the US have emphasized the role of the global central bank easing cycle. Thielen said that while the Federal Reserve has historically avoided rate cuts in the May-November period before presidential elections, market sentiment and the possibility of a rate cut are critical for risky assets like Bitcoin.

He also understands the potential impact of Ethereum (ETH) on Bitcoin, especially if the price drops significantly. Thielen explains the importance of cash flow indicators, pointing out that high revenues are necessary to drive significant price movements for Bitcoin.

“To reach the 83,000 head-and-shoulders target (+17%), we need to see $13 billion flow across verticals – that's what is needed. A break above the $71,600 breakout line would naturally lead to more buying, but $13 billion would require some commitment. However, given the weak US labor market (unemployment rate at 4%) and low inflation next week (3.3%), we think this may be the case.

Growing demand from institutional investors further strengthens Bitcoin's long-term outlook. Significant acquisitions from institutions and a steady flow of Bitcoin exchange-traded funds (ETFs) into the US reflect this trend.

Read more: How to trade Bitcoin ETF: A step-by-step approach

ETFs recorded 19 consecutive days of inflows, surpassing the previous record of 17 days. According to Soso Value data, these ETFs had combined net assets of $15.69 billion as of June 7, topped by BlackRock's iShares Bitcoin Trust (IBIT) with $21.07 billion in net assets.