Bitcoin digests a double whammy of strong U.S. jobs data and a surging DXY.
The pair was attempting to preserve $22,000 as support at the time of writing, with traders’ downside targets still a way off at $21,300.
“Bitcoin not showing the strength I initially wanted to see ,” Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight,“In that case, looking for some more downwards momentum towards a sweep of the lows at $21.2K before a bounce takes place. If we want $30K, flip $23K is necessary.”Fellow trading account Daan Crypto Trades meanwhile argued that volatility was due thanks to movements in Bitcoin futures markets.
“Massive bid depth on the Binance futures pair. Combined with quite the ramp up in Open Interest,” he“Keep in mind that walls can be deceptive where they can be pulled at any moment. Feels like a bigger move is coming regardless of direction.”by Jerome Powell, Chair of the Federal Reserve, before the U.S. Congress the day prior failed to spark a reaction, but jobs data on the day sent the mood downhill.
“The expectations were 197K in employed people. The actual number is 242K, which is more positive than expected,” Van de Poppe“For risk-on investors, not great, as we've just heard that Powell wants to increase interest rates more in 2023.” Such “hot” employment figures traditionally unsettle risk assets as they imply that the Fed has more leeway to keep financial conditions tighter for longer.Estimates on how far the Fed would hike at the next meeting of its Federal Open Market Committee on March 22 evidenced the increasing uncertainty over declining inflation.
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