Bitcoin (BTC) remained lower at the Wall Street open on Feb. 9 as a breakout of local lows raised bets for a bigger drop.
Trader: “Something is wrong” with BTC power
Data from Cryptooshala Markets Pro and trade view followed BTC/USD as it traded around $22,700 on Bitstamp.
The pair fell to $22,378 earlier in the day, marking its lowest level since Jan 25 and a strength at $22,400, an important area to watch.
“We hit a swing low at $22,500, followed by a bounce. I would expect the bears to deepen the fall once we lose this low.” – Popular Crypto Trader Tony summarize as part of the Twitter coverage.
Fellow trader Crypto Chase also forecast that bitcoin is “more likely to fall if 22.3k is tagged.”
IN update According to an analysis conducted on Feb. 8, another TraderSZ Twitter account showed that bitcoin had fallen below $23,000, which it warned would mean a “sharp drop”.
“BTC is a clean break below the dotted line, then I think we are heading down sharply. Expansion phase very soon,” he wrote at the time.
“At the moment it is still support, but something is wrong. I’m happy to catch something above January if the market moves higher. Intuition tells you to go lower first.”
US equities were slightly higher at the open, while the US dollar index (DXY) was lower during the day, dropping below 103.
“The dollar looks blurry,” trader and podcast host Scott Melker, known as “The Wolf of All Streets,” reactedarguing that DXY weakness could continue to serve risky assets.
“Classic retest of strong support as resistance at 103.82. Also starting to look like a potential head and shoulders top. Lots of signals that this little bull run will continue.”
Sellers cement resistance $22,800
Meanwhile, the US daily macroeconomic data did not have a noticeable impact on the cryptocurrency markets.
Arthur Hayes bets on bitcoin, altcoin rise in H1 2023 as he buys BTC
This came in the form of jobless claims of 196,000, approaching a yearly high and beating expectations by 6,000 – a “hot” analysis of the results. argued the Federal Reserve hoped so.
Weaker employment data theoretically supports the idea that restrictive economic conditions are at work and thus the reversal could happen sooner.
“Unemployment is asking for 196,000, but the four-week average is still trending to historic lows,” CNBC host Carl Quintanilla added. marked.
A week earlier, the lowest U.S. unemployment data since the late 1960s was released.
Just prior to the release of the report, the BTC/USD order book composition on Binance showed increased resistance at $22,800.
The views, thoughts and opinions expressed here are those of the authors only and do not necessarily reflect or represent the views and opinions of Cryptooshala.
Credit : cointelegraph.com
