Feb 04, 2023

“U.S. Recession Fears Ease, Bitcoin Slides to $23K”

Bitcoin (BTC) experienced a sharp pullback prior to the Feb. 3 Wall Street open as new U.S. economic data came in “hot hot hot.”

According to Cointelegraph Markets Pro and TradingView, BTC/USD was trading around $23,000 support, erasing gains from earlier in the day.

The pair reacted to the U.S. unemployment data for January, which beat expectations so much that overall jobless figures fell to the lowest since 1969. Non-farm payrolls (NFP) data also exceeded expectations, while average hourly earnings matched the forecast 0.3% growth.

“HUGE beat in NFP,” popular analytics account Tedtalksmacro commented on Twitter.

The stronger-than-expected labor market allowed the Federal Reserve to maintain tighter, less liquid monetary conditions for a longer period of time.

“US economy sliding into a recession? Well, think again. At least not in the near term,” economist and analyst Jan Wüstenfeld said.

The Fed raised interest rates by 0.25% this week, in line with almost all expectations, while Chair Jerome Powell caused excitement by using the term “disinflation” in accompanying comments.

This caused BTC/USD to jump above $24,000 for the second time in two days, with market participants still hopeful of a trip to $25,000 before a more significant retracement.

“BTC has had a clean breakout above its macro downtrend line + a backtest,” investment research resource Game of Trades stated. “The next big resistance to clear is the $25k region.”

However, popular trader Crypto Tony pointed out that the $25,000 target may no longer materialize.

“$25,000 is my main target, but I am seeing now a lot of people asking for this, and is becoming a crowded trade,” he said.

The recent influx of data has sparked a renewed interest in the cryptocurrency space, with many investors looking to capitalize on the potential of NFTs and other web3 technologies.

NFTs are digital assets built on a blockchain that are unique and indivisible, making them ideal for digital art, in-game items, and collectibles.

The rise of NFTs has also led to the emergence of specialized NFT marketing agencies, which help creators promote and sell their NFTs. These agencies use various strategies, such as Twitter NFT marketing, to get their clients’ NFTs in front of the right audiences.

Web3 agencies are also becoming increasingly popular, offering services such as smart contract development, tokenization, and decentralized finance (DeFi) solutions.

The recent surge in interest in the web3 space has led to increased demand for these services, and companies are responding by offering new and innovative solutions to help creators and businesses capitalize on the potential of the blockchain.

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.