Author: BitpushNews

Bitcoin quickly fell back after briefly reaching $100,000 at the beginning of the week, investors Reassessing the outlook for interest rates this year, the market is divided on the market outlook.

Friday's U.S. Department of Labor report showed that the number of U.S. jobs increased by 256,000, far exceeding expectations of 160,000, and the unemployment rate also increased from 4.2% in November. dropped to 4.1%. This change in expectations is seen as negative for risky assets such as Bitcoin. U.S. Treasury yields rose to their highest levels since November 2023 and the dollar strengthened, adding to pressure on the crypto market. After the report was released, Bitcoin fell from $95,000 to $92,000.

After the release of the non-farm payrolls report, Goldman Sachs expects the Federal Reserve to cut interest rates by a total of 50 basis points this year, and will cut interest rates by 25 basis points at the June and December meetings. of interest rate cuts. This compares to the previous forecast of 75 basis points.

It is worth noting that on Wednesday, the spot Bitcoin exchange-traded fund (ETF) recorded The second-largest single-day outflow since trading began in January last year is further evidence that institutional investors are cautious about the cryptocurrency market.

A few positions worth paying attention to: $92,000, $87,000 and $74,000

Since Since setting a new all-time high (ATH), Bitcoin price has been facing significant selling pressure.

Technical charts released by TradingView financial analyst Timothy Smith show that the price of Bitcoin has recently formed a bearish engulfing pattern (Bearish Engulfing Pattern), exceeding 100,000 last week The rally at the dollar mark is paused. Additionally, the relative strength index (RSI) has fallen below the 50 threshold and the current price has also fallen below the important 50-day moving average (MA), indicating that buying momentum is waning.

Analysts believe that the first support level to watch is near $92,000. This area may find buying interest near the late November retracement low and December trough.Interest, as well as the lower trendline of a potential new descending channel, is also forming support here.

If below this level, further decline to $87,000 is possible, here is the chart Bitcoin bulls may be looking for an entry below the flag pattern that previously propelled the cryptocurrency to new all-time highs.

However, if BTC closes below this level, it will open a downward channel to around $74,000, and long-term investors may consider stocks near this area. With entry near the 200-day moving average (MA) and the notable peaks in March and October, such a decline would represent a retracement of approximately 20% from current prices.

Charts provided by Timothy Smith show that if bull momentum returns, there may be another attempt to hit the psychological $100,000 mark, and then retest the important $106,000 level. Traders who bought during the recent pullback may be able to book profits near this level.

On the other hand, analyst Rekt Capital believes that Bitcoin is in the $91,000 range There is a bullish divergence at the bottom support level, signaling a possible rebound in the coming weeks.

Capriole Fund founder Charles Edwards posted on X.com: "Strong employment data actually means that the bull market may last longer than expected. This It is the best data in six months and also foreshadows the possibility of the unemployment rate hitting a bottom. ”

Matt, cryptocurrency research strategist at 21Shares. Mena echoed the same optimism, saying that a strong labor market, waning recession fears, and Donald Trump’s bullish potential create a very favorable environment for Bitcoin to continue rising.

In the short term, the inflation data (including PPI and CPI) to be released next week will have an important impact on the Federal Reserve’s expectations and may further affect risks such as Bitcoin The trend of the asset.