Bitcoin rally struggles as data shows economy still has room for tightening

Bitcoin price has kept the market guessing this month with its indecisive moves. Today we finally broke down toward $19,500 as soon as unemployment numbers came out lower than forecasted. Lower unemployment numbers showcase a strong economy, implying more room for FEDs to tighten monetary policy.

S&P 500 is also facing selling pressure which could act as a catalyst for more downside in crypto. Today’s close will set the tone for the weekend at least.

Top altcoin gainers and losers

Gainers

• Toncoin TON (+15.67%)
• Fei USD FEI (+4.48%)
• Stepn GMT (+4.20%)

Losers

• Helium HNT (-6.35%)
• GensoKishi Metaverse (-5.10%)
• Axie Infinity AXS (-3.42%)

BTC Technical Analysis

Currently trading at $19,600, Bitcoin’s price slump today did not a print a big wick, indicating that bears are in control. Futures data also shows that the majority are on the long side of the trade, and the condition of the S&P 500 and the bond market does not inspire confidence either.

In the event of more downward action bulls will need to step up and protect $19,000 as a psychological level otherwise Bitcoin might as well be on its way to testing June lows.

ETH Technical Analysis

Previously, we highlighted \(1,327 as a clear pivot point for Ethereum, and that has held up so far. However, [ETH price](https://coin360.com/coin/ethereum-eth) needs to reclaim \)1,350 otherwise it is only a matter of time before we dive below this pivot point and fall out of \(1,300s. In that event, the next key support level would be \)1,265.

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.