BTC in final stretch as jobless claims break pattern and Coinbase CEO expresses regulation fears
Bitcoin has had a bounce from \(22,300 pulling itself up to \)22,700, this will either continue into the weekend and test range highs or will fade away and Bitcoin will begin to drop in the coming week.
Initial Jobless Claims may facilitate this make-or-break situation depending on how recent numbers are interpreted. On one hand, they have come over expectance at 196k which is bearish for the dollar and perhaps bullish for risk-on assets such as crypto. On the other hand, these claims have also broken the 5-week-long decreasing pattern and have come up 7.1%+ compared to last week, signaling a weakened labor market.
Coinbase CEO’s comment on the rumors that SEC wants to ban retail staking in the U.S. also raised concerns among the crypto community.
S&P 500 maintains its bearish structure but remains safe from breakdowns at 4,162. DXY is close to its short-term support for 102.4 mentioned earlier. So far it is holding up at 102.75 and should continue to do so if it wants to continue upwards.
Top altcoin gainers and losers
Bitcoin Technical Analysis
Bitcoin is trying to make a run for the range high after yesterday’s drop. This is an important attempt as some indicators on the daily and H4 mark Bitcoin as oversold and there is room for a pump. However, it may be a failed attempt if volume doesn’t pick up since we can see a sell-side heavy market in play with spikes in volume favoring bearish sentiment. Our targets remain the same with \(23,300 as short-term resistance and \)21,500 as short-term support.
Ethereum Technical Analysis
Ethereum has now tapped into $1,608 support four times and gotten a bounce but it’s alarming how every test of support has had increasing sell volume.
This appears to be a perfect distribution strategy, by carefully setting up buy walls whales can sell a significantly higher volume than they buy and keep the price at a point where other smaller market participants might mistake it for strength and provide further liquidity for the whales to sell into.
Our short-term targets remain with \(1,800 as resistance and \)1,505 as the next support.
NFT Market Map
A collection named VERIFIED Great CULT (+651.63%) managed to rank no.3, but users accused it of faking the volume, leading to an Opensea delisting.
On the Edge of Oblivion (+350.86%) rose as an Ordinal collection on Ethereum that can bridge into Bitcoin.
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.