Bitcoin rally struggles as data shows economy still has room for tightening
Oct 7 2022
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.
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.
