Bitcoin Price Steady as Investors Await US Non-Farm Payrolls Data

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 hour ago

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Price Recovery: Bitcoin (BTC) price held steady at $72,450 on Thursday, marking a 20% increase from its year-to-date low, indicating a shift into a local bull market and reflecting optimistic market sentiment regarding future trends.
Market Reaction: Investors are focused on the upcoming US non-farm payrolls data, with expectations of 70,000 new jobs in February, down from 110,000 in January; a weak report may prompt the Fed to consider rate cuts, potentially boosting Bitcoin demand.
Technical Indicator Shift: Bitcoin has surpassed the crucial resistance level of $71,000 and flipped the Supertrend indicator from red to green, demonstrating strong market momentum that further solidifies its bullish trend.
Future Predictions: The market widely anticipates Bitcoin price to target the psychological level of $80,000; however, a drop below the support level of $70,000 could negate the current bullish outlook.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 2 indicators are flashing buy, while 5 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	50738.26	56624.27	62277.98	68163.99	73817.7	79703.71	85357.42
Fibonacci	56624.27	61032.443	63755.817	68163.99	72572.163	75295.537	79703.71

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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