• Strong U.S. jobs data for January could not pull Bitcoin and select altcoins lower, indicating a strong bullish undercurrent in the crypto market.
• The current crypto bear market seems to have driven the institutional investors to the sidelines.
• Traders may shift their focus to the next important economic data release, which is due on Feb 14.
Overview of Crypto Market
Rakesh Upadhyay Feb 03, 2023 Price analysis 2/3: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, AVAX Strong U.S. jobs data for January could not pull Bitcoin and select altcoins lower, indicating a strong bullish undercurrent in the crypto market. 5475 Total views 34 Total shares Listen to article 10:34 Price Analysis Own this piece of history Collect this article as an NFTBitcoin’s BTC $23,367 Bitcoin -0.21% MARKET CAP$450.57bVOL. 24H$312.40m BTC $13.35k rally in 2023 has been boosted by expectations that the United States Federal Reserve will slow down the pace of its rate hikes as inflation has started cooling down with some even anticipating a rate cut by end of year when US employment data for January beat expectation and unemployment hit its lowest level since May 1969 . This assumption received a jolt on Feb 3rd when positive news was perceived as bearish but markets did not react negatively showing positive sentiment with traders now shifting focus to upcoming economic data release due on Feb 14th .
The current crypto bear market seems to have driven the institutional investors to the sidelines according to JPMorgan survey where 72% respondents showed no inclination towards trading digital coins this year with only 14% expressing interest in trading them .
Daily cryptocurrency market performance shows that bulls are buying dips at level of $22800 while pushing price above $24000 followed by failure to sustain higher levels . Rising moving averages and RSI in overbought zone indicate path of least resistance is upside if price turns up from current level or $22800 pair could surge upto $25000 acting as formidable barrier . First sign of weakness will be break and close below exponential moving average ($22279) triggering stops for traders causing pair to fall back till $21480 .
Expectations suggest that pace of rate hikes will slow down as inflation cools off with possibility of rate cut by end of year boosting Bitcoin’s rally further while traders wait anxiously for upcoming economic data release hoping it goes their way in order to gain more profits from cryptocurrencies .