The Bitcoin price is regaining bullish momentum over today’s trading session, retracing the losses seen early in the week. The cryptocurrency has been influenced by macroeconomic factors for the first time since early January.
Bitcoin trades at $21,000 as of the writing date, with a 4% profit over the previous 24 hours and seven day, respectively. The altcoin rally is being led by Binance Coin (BNB), and Dogecoin(DOGE).
Bitcoin Price Barrels through Resistance Levels
Material Indicators data shows a rise in investor buying pressure when they place orders above $100,000. These Bitcoin whales are positively reacting to today’s U.S. economic data, which signals a slowdown in this country’s job market. Material Indicator analyst said:
The unemployment rate was 3.7%, which is 0.2% more than predicted. BTC whales consider this a signal that FED rates may have been increasing. Note, that one month’s report doesn’t make a trend, but right or wrong, this market reacts to every data point.
NewsBTC reported that the U.S. Federal Reserve is working to reduce inflation. It is currently implementing a tightening of the monetary system by raising interest rates and shrinking its balance sheets.
The Fed’s plans appear to have worked for the first time in months. Or at least the data suggests this. Negative reports in favor of Bitcoin’s price and risk-on assets are a sign that the economy is not as strong as it could be. Another analyst saidThe following is information about recent price actions:
Rising unemployment is exactly what the FED desires. The good news is the markets are positive about bad news. It’s sad that we are at the point where they want people to lose their jobs to fix inflation.
Aside from economic data, it is also trending down and may retest support that was previously in place after months of an uptrend. This is fueling the Bitcoin price upward momentum.
The hourly $DXYChart shows that a fakeout was confirmed earlier in the session.
However, the current rate is still at 111.80. pic.twitter.com/ZSYvJocjHi
— Justin Bennett (@JustinBennettFX) November 4, 2022