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Bitcoin back down to $20,000 as jobs data put a damper on it

 


Bitcoin.

ahead of today, February 1, Wall Street's open day, continued to decline. 3, following the release of brand-new US economic data.



Chart showing the price of bitcoin (Bitstamp). TradingView is the original source.

Is the recession in trouble?

According to information from TradingView and Cointelegraph Markets Pro, the price of bitcoin has already given up some of its prior gains and is now resting at support at $23,000.


The new US unemployment figures for January, which are significantly higher than forecasts given that unemployment has declined to its lowest level since 1969, are likely to be the catalyst for the downturn.


The so-called Non-Farm Payrolls (NFP), i.e. e. While the average hourly wage increased by the anticipated 0.3 percent, the total number of new jobs—apart from those in the agricultural sector—were strong.


Given the significantly higher number of new jobs than anticipated, analyst Tedtalksmacro calls the increase in the NFPs "MASSIVE growth.".


The previous day, Tedtalksmacro had suggested that there might be a good time to buy Bitcoin because, in his opinion, the recent decline could even bring the price down to 20,000 US dollars.


The expert retweeted yesterday's comment, saying, "This data could present a new buying opportunity.".


As a result of the US Federal Reserve's increased ability to pursue a restrictive monetary policy, which in turn hurts risky financial products, a robust labor market may result in further declines in the price of bitcoin.


"Wrong idea. Is the American economy heading into a recession? Jan Wüstenfeld, an economist, comes to the conclusion that not in the near future.


Not within reach of $25,000?

The Federal Reserve increased interest rates by 0.25 percent this week, according to Cointelegraph. The head of the US central bank nevertheless managed to maintain a positive atmosphere on the markets by using the word "disinflation" for the first time in the speech that accompanied the announcement.


For the first time in a few days, the price of Bitcoin was able to rise above US$ 24,000, which is why traders are still anticipating a rise to US$ 25,000 before a significant decline occurs.


As the optimistic crypto analyst notes, "BTC has clearly broken through the longer-term downtrend line.".


The next significant barrier is $25,000. ".



Cost of bitcoin graph. Game of Trades/Twitter as a source.

However, well-known trader Crypto Tony acknowledges that this price objective might now be far away.


According to the expert's most recent update, "$25,000 is still my main price target, but more and more people are speculating on it and that's why this trade could burst.".

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