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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Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.