Due to employment data, Bitcoin buyers may be able to “load up” below $22,000.
Bitcoin (BTC) tickers down $23,358 fell prior to the Feb. 3 Wall Street open as fresh United States economic data came in “hot hot hot.
“Think again” about the US recession
Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it reversed earlier-in-the-day gains to focus on $23,000 support.
The pair responded badly to January unemployment statistics in the United States, which exceeded forecasts so dramatically that aggregate jobless figures fell to their lowest level since 1969.
Non-farm payrolls (NFP) report also surpassed expectations, while average hourly wages increased by 0.3%.
“HUGE beat in NFP,” tweeted prominent analytics account Tedtalksmacro.
Returning to projections from the day before, Tedtalksmacro saw the current drop as a chance to boost Bitcoin exposure, predicting that BTC/USD might reach $20,00.
“Perhaps an opportunity to reload on this news,” a subsequent tweet suggested.
Bitcoin’s trepidation stems from the inference that a stronger-than-expected job market permits the Federal Reserve to keep tighter, less liquid monetary conditions in place for a longer length of time.
“US economy falling into a recession? Consider again. At least not in the immediate future,” economist and expert Jan Wüstenfeld added.
Bitcoin is currently a “crowded trade” at $25,000 USD.
As previously reported by Cointelegraph, the Fed hiked interest rates by 0.25% this week, in line with practically all predictions, although Chair Jerome Powell sparked controversy by using the phrase “disinflation” in accompanying remarks.
Thus, BTC/USD surpassed $24,000 for the second time in two days, with market players still anticipating a journey to $25,000 before a more major pullback.
“BTC has produced a clean breakout over its macro downtrend line Plus a backtest,” according to financial analysis site Game of Trades.
“The next major barrier to overcome is the $25k mark.”
Crypto is a well-known trader. Tony recognized, however, that the aim may no longer be met.
“$25,000 is my main aim, but I am seeing a lot of people asking for this today, and it is becoming a crowded trade,” he stated in a new post for the day.
