Feb 04, 2023
U.S. Data “Hot Hot Hot”; Bitcoin Retreats to $23K
Bitcoin (BTC) fell prior to the Feb. 3 Wall Street open as fresh United States economic data came in “hot hot hot.” Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it erased gains from earlier in the day to center on $23,000 support.
The pair reacted negatively to U.S. unemployment data for January, which beat expectations so considerably that overall jobless figures dropped to their lowest since 1969. Non-farm payrolls (NFP) data likewise outperformed, while average hourly earnings conformed to forecast 0.3% growth.
The news meant that the Federal Reserve could maintain tighter, less liquid monetary conditions for a longer period of time. Economist and analyst Jan Wüstenfeld commented, “US economy sliding into a recession? Well, think again. At least not in the near term.”
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
In the wake of the data, popular analytics account Tedtalksmacro suggested that the news may present an opportunity to increase Bitcoin exposure, with the potential for BTC/USD to reach $20,000. Investment research resource Game of Trades highlighted that the next big resistance to clear is the $25k region.
However, popular trader Crypto Tony noted that this target may no longer materialize, as it has become a “crowded trade.”
The Federal Reserve raised interest rates by 0.25% this week, in line with almost all expectations. Chair Jerome Powell caused excitement by using the term “disinflation” in accompanying comments. BTC/USD spiked above $24,000 for the second time in as many days, with market participants still hopeful of a trip to $25,000 before a more significant retracement.
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