Bitcoin price retreats ahead of weekend as $17,000 remains hard to breach
Bitcoin has fallen below the pivotal price of $16,800, and the potential shake out mentioned yesterday appears to be in play.
For upside potential to remain intact, Bitcoin needs to reclaim $16,800 before the daily close.
The recently announced U.S. Nonfarm Payrolls suggests that a strong jobs market topped expectations, with a rise to 223,000 compared to the forecasted 200,000. The unemployment rate also fell below expectations (3.7%) and the previous reading (3.6%), as it came out at 3.5%.
Meanwhile, the S&P 500 has bounced off of a horizontal level at 3,820 and is currently at 3,870. For now, there is no reason for this to continue above 3,920 without a sustained economic recovery. DXY has been stable, but has recently gained some ground to 105.07.
Top altcoin gainers and losers
Bitcoin Technical Analysis
Bitcoin was showing bearish divergences at the top of this local range, which played out and lead to its rejection. This was in confluence with our shake-out expectation but so far the drawdown hasn’t been as aggressive as we expected.
Today’s market session should give more hints at future direction, and we can assume that the worst may be over if Bitcoin doesn’t break below sharply.
Alternatively, if we do breakdown but maintain strength around \(16,500 over the weekend, next week can have bullish prospects, potentially pushing us up to \)17,300 - $17,500.
Ethereum Technical Analysis
Ethereum has remained the foremost alt coin in this market, leading to high open interest and frequent liquidity grabs. The activity around ETH has made it largely unpredictable, but previous price action indicates that we could fall as low as \(1,200 before a final push toward \)1,300 or more.
NFT Market Map
Majority of the volume today belonged to Yuga Labs’ collections.
MutantApeYachtClub (+383.08%), Bored Ape Yacht Club (+390.84%), and BoredApeKennelClub (+203.17%) ranked no.1, 2 and 3 on the top NFT projects by daily volume respectively, with clear dominance over the others.
Coin360 Daily Digest
Here’s a rundown of the major crypto market news from today.
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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.