As Bitcoin crashes through the $20,000 mark, ProEX is here to support you on your Crypto journey with its Bull & Bear Campaign

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Last Updated on November 8, 2022 by Bitfinsider

Price of Bitcoin Breaks Through Several Resistance Levels

According to the data provided by Material Indicators, there has been an increase in the amount of purchasing pressure coming from investors who have placed orders of approximately $100,000. These Bitcoin whales are exhibiting a bullish reaction to today’s economic data from the United States, which indicates a slowdown in the labor market in this country. The following was stated via Tweet by an analyst at Material Indicator: “Unemployment came in at 3.7% which is 0.2% higher than forecasted and BTC whales see it as a sign that FED rate hikes may be working. Note, that one month’s report doesn’t make a trend, but right or wrong, this market reacts to every data point.”

The Federal Reserve (Fed) of the United States of America is working to curb inflation in the dollar. The monetary policy of the financial institution is being tightened as a result of an increase in interest rates and a reduction in the size of its balance sheet.

The Federal Reserve’s intentions appear to be working, or at the very least, the evidence points in the direction of the possibility that this is the case. In the context of the current economic climate, it is ironic that negative news is good for the price of Bitcoin and other risk-on assets.  Another market analyst known as IncomeSharks, with regards to the recent price action, posted on Twitter: “Unemployment is rising which is what the FED wants. Markets react positively to bad news which is good news. It’s sad that we are at the point where they want people to lose their jobs to fix inflation.”

In addition to economic data, the United States Dollar is currently exhibiting a downward trend and is likely to retest historical support after having been in an upward trend for several months. The recent price action to the negative is helping to contribute to the Bitcoin price’s upward momentum.

Join us on the bullish Bitcoin and Altcoin market today with ProEX Bull & Bear ETF Contest!

ProEX is the world’s leading multi-contract trading platform, provides bitcoin and various cryptocurrencies, perpetual contract trading, ETF and other digital asset trading functions, Staking Pool services. ProEX is also committed to creating a better trading environment for their clients. Thus, ProEX has launched a campaign event to encourage users to embark on their crypto journey during this season of bull market.

You can choose your team during the event duration and must trade at least two transactions (of any value) to be eligible for the prize. The chosen currency will be divided into two teams (Team Long and Team Short).

Following the event, the two teams’ combined transaction amounts will be compared, and the team with the highest combined transaction amount will win the corresponding prize in the table.

The designated trading pairs of the two teams are as follows:

Prize Table:

Event Duration: (UTC+8) 11/04 00:00 ~ 11/19 23:59

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.