In the last 48 hours the price action has reacted in a balanced manner holding at $43,000 which in a way is a good sign for bulls, who believe that the price action went into a sideways pause before the next push higher.
Now, beyond the technical readings and appreciations of the bulls in this same time frame the Bitcoin reacted immediately to the release that was made regarding the US non-farm employment data.
The Bitcoin price action reaction comes after non-farm employment data came in at almost double the estimates for January: 353,000 versus 185,000 expected, however, it has been indicated that sellers took control as the numbers suggested that the tightening economic policy was not hurting the economy as much as assumed.
According to information reported by William Suberg on the Cointelegraph portal, "The Federal Reserve unanimously opted to keep rates at previous levels, while Fed Chairman Jerome Powell sought to deny rumors of possible cuts in March"
On the other hand, "As an additional headwind for cryptocurrencies, the U.S. Dollar Index (DXY) made quick gains, hitting new highs in 2024", from my perspective it is unlikely that this event is affecting Bitcoin's price action.
SOURCES CONSULTED
Cointelegraph. Bitcoin price drops 1.3% in an hour as US payrolls smash estimates. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
