Bitcoin struggles around $17,000 as jobless claims show strength beyond expectations

Bitcoin had a go at \(17,000 yesterday, followed by a minor 1.4% drawdown, going as low as \)16,750. The initial jobless claim was today’s big news which came out at 204K, significantly lower than the expected 225k, this signals economic strength and is a bad combination coupled with high inflation since salaries and wages are major costs for companies, and strong labor market demands higher wages to keep up with inflation, which results in higher product prices, increasing overall inflation.

Meanwhile, the S&P 500 was unable to break through 3,905 yesterday and is currently down at 3,850. The bullish structure is still intact unless we dive below 3,800 in the coming days. DXY, on the other hand, has shown some strength as a strong labor market is bullish for the dollar, pulling DXY up to 104.8  

Top  altcoin gainers and losers

Gainers

• Chiliz CHZ (+6.52%)
• Osmosis OSMO (+5.32%)
• Lido stETH stETH (+4.69%)

Losers

• Huobi Token HT (-11.09%)
• Aptos APT (-5.13%)
• Synthetix SNX (-3.38%)

Bitcoin Technical Analysis

Bitcoin has had a decent week. It tested \(17,000 as we expected, but going forward we should see a bit of shakeout before heading up beyond \)17,000. $16,650 is the likely target for this shakeout, and we might wick lower, but ultimately it should hold for us to continue higher. We can also observe a lot of overheated signs through indicators such as RSI which also demand a pullback to reset and continue further.

Ethereum Technical Analysis

Ethereum has made it to our range high at around \(1,272 but fell down to \)1,250 instantly. Currently forming another range, Ethereum should also face some selling pressure going forward, which could drag it down to \(1,218 at max. Ultimately, however, we should see a final push upward, either back to \)1,270 or going as high as $1,305.

NFT Market Map

The last 24 hours saw the Azuki collection continuing the bullish momentum with a 185.13% surge in volume, making it the no.1 NFT collection by daily trading volume.

Kubz (+35.14%), BEANZ Official (+382.85% ), Art Blocks (+2,592.87%), and Otherdeed (+23.42%), the next projects in the leaderboard, also recorded significant increases in volume.

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.