Bitcoin fell to $93 thousand after the NFP data from the United States, which strengthened the dollar and yields in the first financial markets reaction. The decline, however, was quickly met with a counter by buyers, and the BTC price quite quickly returned above $94k.
- Currently, bulls are trying to raise the price above the 50-session exponential moving average on the hourly interval. In view of yesterday's trading hiatus on Wall Street, investors will certainly pay attention to today's activity of ETFs, which sold more than $582 million worth of BTC the day before yesterday.
- The declines on the indices have slowed somewhat after the first rather 'panicky' situation following the US labor market data. If this dynamic continues until the US stock market opens and the indexes manage to return to growth, we can expect a positive rebound in the crypto market.
- The next key data will be published at 3 PM GMT and may affect the sentiments of the second part of the session on Wall Street. These will be consumer sentiment according to the UoM and inflation expectations. Bitcoin could be helped by a reading below forecasts, in both of these measures. For a rebound in investor sentiment, a drop in yields now seems crucial.
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Source: XTB Resarch, Bloomberg Finance L.P.
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Holding support between $92 and $94k may be crucial for medium term Bitcoin sentiments. A drop below may lead to the test of $87k where we can see short-term holder's average realized price. The first major resistance zone is $100k, but also $95k, where the last downward impulse started is an important supply zone.
Source: xStation5
