U.S. Unemployment Rate Decline Sparks Market Speculation on Fed Policy Changes
- Unemployment Rate Decline: The decrease in unemployment rates, as reported by the U.S. Bureau of Labor Statistics, has led traders to anticipate a pause in Federal Reserve interest rate cuts, which could significantly impact asset allocations and risk assessments in financial markets.
- Increased Market Volatility: The adjustment in expectations regarding Fed policies due to stronger-than-expected economic indicators has resulted in heightened volatility in crypto markets, particularly affecting high-beta assets like Bitcoin.
- Bitcoin Market Dynamics: Bitcoin's current price stands at $90,650.21, reflecting a 24-hour change of 0.27%, with a market dominance of 58.52% and a market cap of $1.81 trillion, while experiencing an 18.76% price drop over the past 90 days.
- Policy Impact Assessment: Federal Reserve Chair Jerome Powell stated that the Committee will carefully assess incoming data, including labor market conditions, before adjusting the target range for the federal funds rate, highlighting the intricate link between macroeconomic indicators and market 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 4 technical signals, shows that 1 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 | 36455.626 | 48227.813 | 61191.376 | 72963.563 | 85927.126 | 97699.313 | 110662.876 |
| Fibonacci | 48227.813 | 57676.87 | 63514.507 | 72963.563 | 82412.62 | 88250.257 | 97699.313 |
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