No Result
View All Result
Monday, March 20, 2023
  • Login
LiveBetPro - Soccer Betting Tips, Crypto Casino, Crypo Exchanger
  • Home
  • Crypto Casinos
    • Best Cryptocurrency Casinos
  • Bookmakers
    • Top Online Bookmakers 2023
  • Exchanges
    • Best Cryptocurrency Exchanges
    • Best Crypto Derivatives Exchanges [2023]
    • 9 Best Bitcoin Exchanges
    • Bybit Review
    • Binance Review 2023
    • Coinbase Review [2023]
    • Gate.io Exchange Review [2023]
    • KuCoin Review 2023
    • BitYard Review [2023]
  • Scripts Bots
    • Seuntjies DiceBot
  • Betting Tips
  • Promotions
  • Contact Us
No Result
View All Result
  • Home
  • Crypto Casinos
    • Best Cryptocurrency Casinos
  • Bookmakers
    • Top Online Bookmakers 2023
  • Exchanges
    • Best Cryptocurrency Exchanges
    • Best Crypto Derivatives Exchanges [2023]
    • 9 Best Bitcoin Exchanges
    • Bybit Review
    • Binance Review 2023
    • Coinbase Review [2023]
    • Gate.io Exchange Review [2023]
    • KuCoin Review 2023
    • BitYard Review [2023]
  • Scripts Bots
    • Seuntjies DiceBot
  • Betting Tips
  • Promotions
  • Contact Us
No Result
View All Result
LiveBetPro - Soccer Betting Tips, Crypto Casino, Crypo Exchanger
No Result
View All Result
Home Bitcoin

Bitcoin Weekly Forecast: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

LiveBetPro by LiveBetPro
February 6, 2023
in Bitcoin
0
bitcoin
189
SHARES
1.5k
VIEWS

(Akash Girimath – FXStreet)

– Bitcoin price confuses traders between tagging $25,000 or retracing to $18,600.

– Nonfarm Payrolls and employment-related news will set the market’s tone today.

– A flip of the $25,000 hurdle into a support floor could fuel the ongoing bullish outlook and propel BTC to $30,000 or higher.

Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings, is set to be announced on February 3 at 1330 GMT. This high-impact macro event, like the FOMC and interest rate decision events on February 1 and 2, will probably induce high levels of volatility in the markets and will help set the tone for the next move.

Related articles

bitcoin

Bitcoin sees golden cross which last hit 2 months before all-time high

February 7, 2023
bitcoin

Bitcoin found an interesting support

February 7, 2023

What to expect from Nonfarm Payrolls?

Economists estimate that the Nonfarm Payrolls report will show the addition of 185,000 jobs in January, as compared to December’s 223,000. Although this will mean a net decline, if the real figure comes in lower than expectations, it would be indicative of a weakening economy and hence bad for the US Dollar. This would inadvertently cause risk-on assets like Bitcoin to rally since BTC is inversely correlated to USD.

If the NFP headline number comes in above expectations, it would be positive for the US Dollar and hence cause the risk-on assets like Bitcoin to slide lower. Such a reading would undo the recent rally that cryptocurrencies witnessed after the Federal Reserve’s Policy Meeting on Wednesday.

While NFP headline numbers are what investors pay attention to the most, other components in the NFP report,  like Average Hourly Earnings and the Unemployment Rate also may contribute to market volatility. 

Currently, economists are forecasting that earnings are set to increase from 4.6% to 4.9% YoY. However, it’s not the actual versus forecast that matters, but how far the actual numbers deviate from the expectations that move the market.

Average Hourly Earnings and the Unemployment Rate

The average hourly earnings is a significant indicator of labor cost inflation and of the tightness of labor markets. A vast difference between actual and expectations in the positive region would be positive for the US Dollar and hence bearish for the risk-on assets like stock markets and Bitcoin.

The third important component is the Unemployment Rate; it provides a full picture when combined with the headline NFP numbers. If this ratio is higher, it means that there are more unemployed folks and is generally seen as a negative sign for the economy. A decline in the figure is representative of a stronger economy and hence positive for the USD and bearish for risk-on assets.

Currently, the Unemployment Rate is forecast to come in at 3.6% in January 2023, which is higher than the previous month’s 3.5%. If the actual number comes in even higher than expectations – and by a large magnitude – the impact could be negative for the US Dollar but positive for crypto markets. 

Investors should note that the unemployment rate by itself cannot determine the market moves and should be combined with a headline reading, the Nonfarm Payroll, to get a better picture.

Bitcoin price rallied after FOMC Meeting, why?

Bitcoin price was hovering around $23,000 before the US Federal Reserve hiked interest rates by 25 basis points on January 31, but went on to rally 5.1% after the announcement. In his speech, US Federal Reserve Chairman Jerome Powell adopted a hawkish tone, but some dovish comments took precedence, causing a rally among risk-on assets.

One of the more significant comments from Powell was that this was the first time the Fed had noticed “the start of a disinflationary process.”

The Fed Chair also mentioned that the board of governors did not see the need to overtighten policy. 

Powell mentioned that inflation in the goods sector was seeing a noticeable decline, however, other sectors were still plagued with high inflation. The Fed mentioned that they would have to wait for more data to see if their policy’s direction or path needs to alter. 

A look at crypto markets’ underbelly

Bitcoin price provides an ambiguous outlook. Although BTC looks like it is ready to retrace on a weekly, three-day, and daily time frame, there might still be a run-up to $25,000. If bulls manage to flip this psychological level and hold above it, it would sidestep the intention of bears. 

On the weekly chart, Bitcoin price is approaching the 200-week Simple Moving Average (SMA) at $24,836, which coincides with Momentum Reversal Indicator’s (MRI) stat trend resistance level (red dotted line) at roughly $25,000.

A rejection at $25,000 could push the Relative Strength Index (RSI) lower, which already looks like it is ready for a pullback to the midpoint at 50.

Adding credence to this hurdle is the three-day chart, which also points to the MRI’s risk line (blue) at $25,000.

On the daily chart, Bitcoin price sits comfortably above a recently flipped resistance level at roughly $22,900. A further push up to $25,000 is certainly likely on the daily chart, especially if the NFP event triggers a bullish outlook. 

Hence, the $25,000 resistance cluster will play a crucial role in determining if sellers will take control. In the case of a successful coup that places sellers on the throne, Bitcoin price is likely to find support between $21,000 and $18,600.

A breach of the critical support level at $18,600 could cause BTC to nosedive to MRI’s state trend support (green dotted line) at $16,499.

BTCUSD

While the bearish outlook seems dependent on $25,000, a surge in buying pressure due to the NFP event could scramble sellers’ plans. 

If this spike in bullish momentum pushes Bitcoin price to flip the said hurdle into a support floor, it will invalidate the bearish thesis and potentially trigger a rally to the next significant blockade at $30,000.

Read Bitcoin price over $20K creates FOMO with 620K new BTC wallets

Post Views: 98

Related posts:

BTCUSDBitcoin braces for US inflation data as CPI nerves halt BTC price gains bitcoinIs this Bitcoin price’s last line of defense? bitcoinBitcoin price is in limbo, but here are the levels to watch bitcoinBitcoin Weekly Forecast: The caveats to BTC’s slippery slope to $12,000 bitcoinBitcoin price ruptures $19,000 support oblivious to ballooning BTC/GDB’s trading volume bitcoinBitcoin Weekly Forecast: Is this the start of BTC’s journey to $28,000? bitcoinBitcoin price set to enter next phase of bearish price action bitcoinBitcoin Weekly Forecast: BTC’s consolidation leaves holders questioning if $28,000 is still valid
Tags: Bitcoin priceBTCUSD newsFOMC meeting

Related Posts

bitcoin

Bitcoin sees golden cross which last hit 2 months before all-time high

by LiveBetPro
February 7, 2023
0

(Cointelegraph Team) Bitcoin (BTC $23,016) lingered near $23,000 on Feb. 7 as a key chart phenomenon hit for the first...

bitcoin

Bitcoin found an interesting support

by LiveBetPro
February 7, 2023
1

(Gregor Horvat - Wavetraders) Bitcoin has been in a massive decline over the last year, but it stopped at interesting technical support levels,...

bitcoin

Bitcoin price over $20K creates FOMO with 620K new BTC wallets

by LiveBetPro
February 6, 2023
1

(Cointelegraph Team) The Bitcoin (BTC $22,825) price surge above $20,000 in the second week of January led to a market...

bitcoin

Bitcoin bulls must reclaim these 2 levels as the ‘death cross’ still looms

by LiveBetPro
February 3, 2023
0

(Cointelegraph Team) Bitcoin BTC tickers down $23,787 face a sink-or-swim resistance test to confirm its “macro breakout,” a new analysis...

bitcoin

Bitcoin, S&P 500 close in on bullish ‘golden cross’ signal

by LiveBetPro
February 2, 2023
1

(CoinDesk Analysis Team) Bitcoin (BTC) and Wall Street's benchmark equity index, the S&P 500, are on the verge of hitting...

Load More
  • Trending
  • Comments
  • Latest
freebitco-Multiply BTC

Freebitco Review – Discover Multiple Ways To Earn Free Bitcoins

June 4, 2022
Are-Your-Investments-Safe-with-Crypto-Trading-Bots

Are Your Investments Safe with Crypto Trading Bots?

June 8, 2022
earn-free-bitcoins-daily-without-investment-2022

How can I get free bitcoin without investment [2022]?

July 2, 2022
faucet-main

What Are Crypto Faucets ?

May 23, 2022
bitcoin

Bitcoin

118
Ethereum

Ethereum

58
How-To-Use-Crypto-Online-Gambling-Websites

How To Use Crypto Online Gambling Websites

47
8-Tips-On-How-To-Make-Money-Sports-Betting

8 Tips On How To Make Money Sports Betting

47
livebetpro-tips

Soccer Prediction Betting Tips 20032023

March 20, 2023
livebetpro-tips

Soccer Prediction Betting Tips 14032023

March 15, 2023
livebetpro-tips

Soccer Prediction Betting Tips 13032023

March 14, 2023
livebetpro-tips

Soccer Prediction Betting Tips 25022023

February 26, 2023

Connect with LiveBetPro.com

telegram twitter

Now online

livebetpro

Livebetpro Information

Address: Ho Chi Minh City, Vietnam, 70000

Contact Us:

– Skype: fxvnpro
– Email:
livebetpro@gmail.com
admin@livebetpro.com

Payment Methods

– Webmoney
– Perfect Money
– Skrill
– Neteller
– Bank Wire
– Bitcoin

Disclamers

Any promotions, reviews, and other information in the website are just for the information purpose only.

There is no invitation or encouragement to invest in Casinos, Bettings, Cryptocurrencies and so on. We disclaim liability for any loss resulting from the use of information contained on this website.

The published comments are private opinions or feedback of the users. Livebetpro is not responsible for any information on the website.

Risk Warning

Please be aware of your investment into bettings/casinos/cryptos which is high risk and not suitable for everyone.

Recent Posts

  • Soccer Prediction Betting Tips 20032023
  • Soccer Prediction Betting Tips 14032023
  • Soccer Prediction Betting Tips 13032023
  • Soccer Prediction Betting Tips 25022023
  • Dice Strategies for Stake.com – Tips and Approaches
  • Maximize Your Gambling Experience with BC.Game – The Top-Rated Crypto Casino
  • Paypal Suspends Stablecoin Development Due to NYDFS Examination
  • The 5 Best Crypto Coins for Crypto Gaming
  • Evolution of Crypto – Its Advantages Over Traditional Fiat Currencies
  • BNB/USD (Binance) Elliott Wave analysis – Turn the higher taking place

Categories

  • Affiliate Programs
  • Betting Tips
  • Bitcoin
  • Blockchain
  • Blockchain Gaming
  • Crypto
  • Crypto Casinos
  • crypto lending platform
  • Crypto Mining
  • Crypto Trading
  • Crypto Trading Bots
  • Crypto Wallets
  • Cryptocurrency Price analysis and Prediction
  • DeFi
  • Earn Free Crypto
  • Ethereum
  • Exchanges
  • Faucets
  • Investment News
  • NFT
  • Promotions
  • Ripple
  • Scripts Bots
  • sport betting
  • USDT
  • Web3
  • XRP
  • About
  • FAQ
  • Contact Us

© 2022 by LiveBetPro.

No Result
View All Result
  • Contact Us
  • Homepages

© 2022 by LiveBetPro.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Warning: array_sum() expects parameter 1 to be array, null given in /home/betbonus/livebetpro.com/wp-content/plugins/jnews-social-share/class.jnews-social-background-process.php on line 111