Feb 04, 2023
U.S. Data Sees BTC/USD Dip, $25K Bitcoin Now “Crowded Trade”
The crypto market was thrown into a state of flux on February 3 as the U.S. economic data came in “hot hot hot.” Bitcoin (BTC) dropped prior to the Wall Street open, erasing gains from earlier in the day and centering on $23,000 support.
According to Cointelegraph Markets Pro and TradingView, the pair reacted negatively to the U.S. unemployment data for January, which surpassed expectations and brought the overall jobless figures to their lowest since 1969. Non-farm payrolls (NFP) data also outperformed, while average hourly earnings conformed to forecast 0.3% growth.
In response, popular analytics account Tedtalksmacro expressed surprise on Twitter, saying “HUGE beat in NFP.” The account also suggested that this could be an opportunity to increase Bitcoin exposure, as the news could take BTC/USD all the way to $20,000.
The stronger-than-forecast labor market means that the Federal Reserve can maintain tighter, less liquid monetary conditions for a longer period of time. Economist and analyst Jan Wüstenfeld commented on this, saying “US economy sliding into a recession? Well, think again. At least not in the near term.”
Cointelegraph reported that the Fed raised interest rates by 0.25% this week, in line with almost all expectations. BTC/USD spiked above $24,000 for the second time in as many days, with market participants still hoping for a trip to $25,000 before a more significant retracement. Investment research resource Game of Trades noted that the next big resistance to clear is the $25k region.
Popular trader Crypto Tony, however, acknowledged that this target may no longer materialize. He said that $25,000 is his main target, but is now seeing a lot of people asking for it, making it a crowded trade.
The crypto market has been in a state of flux as of late, with the U.S. economic data suggesting a stronger-than-expected labor market. This could impact the Federal Reserve’s monetary policy, meaning that Bitcoin’s price could take a hit. Still, investors are optimistic about the future, with some hoping for a surge to $25,000.
NFTs have been gaining traction in the crypto space, and NFT promotion and marketing are becoming increasingly important. Twitter NFT marketing is one of the most popular methods of promotion, and NFT marketing agencies are popping up all over the web3 space. These agencies specialize in helping creators and artists sell their NFTs, as well as helping them to promote their work to a wider audience.
Web3 agencies are also becoming increasingly popular, as they provide services such as blockchain development, smart contract creation, and cryptocurrency trading. These agencies are essential for those looking to get into the crypto space and take advantage of the new opportunities that have arisen in the web3 space.
Overall, the crypto space is an ever-evolving landscape, and the recent U.S. economic data could have a significant impact on the future of Bitcoin and the entire crypto market. Investors and traders alike should be mindful of the potential implications of this data, and should keep an eye on the market in order to stay one step ahead.
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.
