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.
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