Bitcoin (BTC) fell prior to the Feb. 3 Wall Street open as fresh United States economic data came in โhot hot hot.โ
โThink againโ over U.S. recession
Data from Cryptox Markets Pro and TradingView followed BTC/USD as it erased gains from earlier in the day to center on $23,000 support.
The pair reacted negatively to U.S. unemployment data for January, which beat expectations so considerably that overall jobless figures fell to their lowest since 1969.
Non-farm payrolls (NFP) data likewise outperformed, while average hourly earnings conformed to forecast 0.3% growth.
โHUGE beat in NFP,โ popular analytics account Tedtalksmacro responded on Twitter.
Returning to predictions from the day prior, Tedtalksmacro eyed a potential opportunity to increase Bitcoin exposure, given the latest come-down, which it said could take BTC/USD all the way to $20,000.
โAn opportunity to reload on this news, potentially,โ a further tweet added.
Bitcoinโs cold feet come from the implication that a stronger-than-forecast labor market allows the Federal Reserve to maintain tighter, less liquid monetary conditions for a longer period of time.
โUS economy sliding into a recession? Well, think again. At least not in the near term,โ economist and analyst Jan Wรผstenfeld continued.
$25,000 Bitcoin now โcrowded tradeโ
As Cryptox reported, the Fed raised interest rates by 0.25% this week, in line with almost all expectations, while Chair Jerome Powell caused excitement by using the term โdisinflationโ in accompanying comments.
Related:ย Bitcoin bulls must reclaim these 2 levels as โdeath crossโ still looms
BTC/USD thus spiked above $24,000 for the second time in as many days, with market participants still hopeful of a trip to $25,000 before a more significant retracement.
โBTC has had a clean breakout above its macro downtrend line + a backtest,โ investment research resource Game of Trades stated.
โThe next big resistance to clear is the $25k region.โ
Popular trader Crypto Tony nonetheless acknowledged that that target may no longer materialize.
โ$25,000 is my main target, but I am seeing now a lot of people asking for this, and is becoming a crowded trade,โ he wrote in part of a fresh update on the day.
The views, thoughts and opinions expressed here are the authorsโ alone and do not necessarily reflect or represent the views and opinions of Cryptox.
