Feb 04, 2023
U.S. Recession Fears Ease as BTC Slides to $23K
As the U.S. economy continues to show strong signs of recovery, Bitcoin (BTC) traders are rethinking their predictions for the crypto market. On Feb. 3, the United States released better-than-expected economic data, causing BTC/USD to erase earlier gains and settle at $23,000 support.
Cointelegraph Markets Pro and TradingView reported that the pair reacted negatively to the U.S. unemployment data for January, which showed a drop to the lowest rate since 1969. Non-farm payrolls (NFP) data also outperformed, while average hourly earnings grew 0.3% as expected.
In response to the news, analyst Tedtalksmacro commented on Twitter: “HUGE beat in NFP.” They suggested that this could be an opportunity to increase Bitcoin exposure, as the market could drop to $20,000.
The Federal Reserve’s decision to raise interest rates by 0.25% this week also had an impact on the market, as BTC/USD spiked above $24,000 for the second time in two days. The next major resistance to break is the $25,000 region, according to investment research resource Game of Trades.
Popular trader Crypto Tony noted that this target may no longer materialize, as “$25,000 is my main target, but I am seeing now a lot of people asking for this, and is becoming a crowded trade.”
The strong U.S. economic data implies that the Federal Reserve will continue to maintain tighter, less liquid monetary conditions for a longer period of time. This could affect Bitcoin’s price in the near future.
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In conclusion, the U.S. economy is showing strong signs of recovery, and this could have an impact on the crypto market. Crypto traders and investors should stay informed on the latest developments and consider using an NFT marketing agency to help them promote and sell their NFTs.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.