Bitcoin Prices: Up Again Today
Bitcoin prices are rising again today, after falling earlier in the week.
The Bitcoin price is regaining bullish momentum over today’s trading session, retracing the losses seen early in the week. This is good news for cryptocurrency investors, as Bitcoin is once again under the influence of macroeconomic forces working in its favor for the first time in months. With the Bitcoin price on the rise again, now is a good time to invest in the cryptocurrency.
The Bitcoin price is currently trading at $21,000, with a 4% profit in the last 24 hours. Other cryptocurrencies in the top 10 are displaying similar strength, with Binance Coin (BNB) and Dogecoin (DOGE) leading the altcoin rally. This is good news for cryptocurrency investors, as the overall market seems to be healthy and growing.
Bitcoin Price Surges Through Resistance Levels
These Bitcoin whales are definitely reacting to today's economic data from the United States, which is signal a slowdown in this job market. An analyst from Material Indicator said that this buying pressure is a positive sign, and that investors are definitely taking notice of the current economic conditions. It will be interesting to see how these investors react in the coming days and weeks as the economic situation in the US unfolds.
Unemployment came in at 3.7% which is 0.2% higher than forecasted and BTC whales see it as a sign that FED rate hikes may be working. Note, that one month’s report doesn’t make a trend, but right or wrong, this market reacts to every data point.
The Fed's actions are likely to have a significant impact on the value of the dollar, as well as on inflation. By hiking interest rates and reducing its balance sheet, the Fed is trying to mitigate inflation in the dollar. This could have a positive effect on the economy, but it could also lead to higher prices for goods and services.
It is ironic that adverse reports favor the Bitcoin price and risk-on assets in the current economic scenario. However, this may be indicative of the fact that the Fed's plans are finally starting to work. Another analyst said the following about the recent price action: "The recent price action in Bitcoin and other risk-on assets suggests that the Fed's plans are finally starting to work.
Unemployment is rising which is what the FED wants. Markets reacting positively to bad news which is good news. It’s sad that we are at the point where they want people to lose their jobs to fix inflation.
The recent trend of the US dollar heading downwards is likely to continue, which could lead to it retesting previous support levels. This in turn is helping to push Bitcoin prices upwards, as investors seek out alternative assets.
The hourly $DXY chart shows a confirmed fakeout earlier in the session.
Still clinging to 111.80 for now, though. pic.twitter.com/ZSYvJocjHi
— Justin Bennett (@JustinBennettFX) November 4, 2022
