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

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

Oct 7 2022

2 years ago5 mins read

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.

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Top altcoin gainers and losers



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 \(1,327 as a clear pivot point for Ethereum, and that has held up so far. However, [ETH price]( needs to reclaim \)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.

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Coin360 Daily Digest

Here’s a rundown of the major crypto market news from today.

For more daily updates and news, follow us on Twitter.

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.

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