US Inflation Data Causes Market Volatility
- Inflation Data Decline: The US Consumer Price Index (CPI) fell from 2.7% in December to 2.4% in January, indicating reduced inflationary pressures that could influence the Federal Reserve's interest rate decisions, thereby having a profound impact on both stock and crypto markets.
- Stock Market Reaction: Futures tied to the Dow Jones, Nasdaq 100, and S&P 500 dropped over 35 basis points, reflecting investor caution regarding inflation data, which may lead to increased market volatility in the short term.
- Crypto Market Decline: Bitcoin's price dropped to $66,000, with major altcoins like LayerZero and Uniswap falling over 5% in the last 24 hours, resulting in a total market capitalization decline to $2.29 trillion, highlighting the weakness in the crypto market.
- Strong Employment Data: Despite the inflation retreat, January non-farm payrolls increased by 130,000, and the unemployment rate fell to 4.3%, yet uncertainty remains regarding whether the Fed will cut rates further, impacting investor confidence.
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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 6 technical signals, shows that 2 indicators are flashing buy, while 4 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 | 43214.373 | 51607.187 | 60185.893 | 68578.707 | 77157.413 | 85550.227 | 94128.933 |
| Fibonacci | 51607.187 | 58090.307 | 62095.586 | 68578.707 | 75061.827 | 79067.106 | 85550.227 |
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