Bitcoin Back At $30,000 👀 After A 2 Day Tease For The Bulls | Daily News 2/6/22
In the last 24 hours, we saw Bitcoin return back to its price range of around $30,000 after its 2-day rally, hitting its highs of around $32,500. Bitcoin (BTC) made a wobbly start for the beginning of June indicating that the bears (those who believe the market is in a decline) have not lost hope or lower prices just yet!
The Bitcoin chart on the daily time frame shows its price range between $28,600 - $32,500.
Bitcoin reached a price of $32,500 but it hit a level that the price just couldn’t get past and then retracted back to its recent ‘familiar’ price range indicated above. The chart shows that there was a level of uncertainty in the market, which pulled the price back below the 20-day moving average; and carrying on with this in mind, we could see the price get back to under $29K once again. If this happens, then we could see prices consolidate between these levels this week.
Starting with the most popular of the altcoins, Ethereum (ETH); the bears capped the prices at the 20-day moving average also (just as we tend to see ETH follow BTC often), reaching its highs of just over $2000. However, ETH couldn't hold it for more than a day.
The Ethereum chart on the daily time frame shows that low of $1700 level that is vital to keep an eye on!
Ethereum needs to maintain the price range (as shown in the chart above) between $1.7K and $2K and not fall below the support level of $1700. If we DO see that level break - we could see potential mass panic selling, plummeting the price all the way to $1300 😳. This would be very bearish for Ethereum indeed!
Looking briefly at other alts over the last 24 hours, Solana (SOL) dropped a whopping 12%! This was due to the news of the network having suffered yet another network outage for about 4 hours yesterday. Also, despite Cardano (ADA) reaching over 12% in price, it has now returned back to about a 7% drop in price; fitting in line with most of the other altcoins in the market which have mainly all dropped to about 5-8% in price in the last 24 hours.
-Stock Futures (Futures meaning an agreement to buy/sell for a future date with a $ agreed between buyer and seller) have stalled due to investors being concerned about the health of the economy. Also in regular trading, stocks started June off also with a decline across the board. This bearish sentiment was started when Jamie Dimon (CEO of JP Morgan Chase) warned that an economic “hurricane” is brewing, mainly due to the Federal Reserve and the war in Ukraine.
-We also heard from Janet Yellen (Treasury Secretary) admitting she was wrong when she called inflation ‘transitory’ last year. A peek into what's to come possibly?
-The Non-Farm Payroll (NFP) report is due tomorrow and as of writing, the expectations from this month’s (in comparison to last month's) report is that we are in a tight labour market with wages rising and businesses are competing to attract/maintain employees. The release of the NFP report is a big tradable event, especially in the forex markets!
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