Bitcoin caught a modest bounce, pushing back above the $70,000 mark. But that move quickly ran out of steam, and price action now looks exhausted.
The pullback has taken Bitcoin back through $70,000 and is now pressuring the 10 hour and 20 hour moving averages. Is it at the point where alarm bells are ringing? Bitcoin is roughly 47% below its record high.
Several factors are weighing crypto. One has been volatility in US technology stocks. Investors are also considering whether the newly nominated Kevin Warsh for Fed chair will lead to more fed cuts, sooner. Finally, attention is on the latest Nonfarm Payrolls release. The January report showed a stronger-than-expected increase in jobs, with NFP rising by 130,000 versus consensus forecasts of around 60,000. These figures can reduce the case for Federal Reserve rate cuts, which could have helped boost Bitcoin.
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