US Jobs Data Impacts Crypto Market
- Crypto Market Decline: The crypto market dipped as Bitcoin (BTC) fell below $67,000 and MYX Finance dropped over 18% in the last 24 hours, indicating a strong sensitivity to economic data that may undermine investor confidence.
- Employment Data Insights: The Bureau of Labor Statistics reported that 130,000 jobs were added in January with an unemployment rate of 4.3%, but average hourly earnings growth slowed to 3.7%, suggesting that while jobs are being added, the quality of economic growth remains questionable, potentially impacting market expectations.
- Market Reaction: The crypto market retreated as investors prepared for the upcoming US inflation report, highlighting uncertainty regarding future economic policies, particularly against the backdrop of President Trump's consideration of military action against Iran.
- Fear and Greed Index: The Fear and Greed Index remains in the extreme fear zone, with futures open interest continuing to decline below $100 billion, down from last year's high of over $255 billion, reflecting a subdued market sentiment and cautious investor behavior.
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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 3 technical signals, shows that 0 indicators are flashing buy, while 3 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 stock.
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 | 40818.203 | 50409.102 | 60005.013 | 69595.912 | 79191.823 | 88782.722 | 98378.633 |
| Fibonacci | 50409.102 | 57738.463 | 62266.55 | 69595.912 | 76925.273 | 81453.36 | 88782.722 |
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