BTC/USD Update.
Market Update: January Edition
Market Overview
Bitcoin (BTC) continues to be a focal point as we enter the new year. After experiencing a robust upward trend, BTC has faced a significant downturn, breaking through crucial support levels. This shift is largely attributed to macroeconomic developments, particularly those stemming from the United States.
Recent News Impact
BTC's recent price dip can be linked to the US Job Openings and Labour Turnover Survey (JOLTS) data, which indicated a surge in hiring, strengthening the labour market. This macroeconomic factor contributed to BTC falling below the $98,000 threshold, with substantial trades influencing the price via "spoofing" practices.
Moreover, the resignation of Fed Vice Chair Michael Barr has noticeably affected market sentiment. Although his departure is seen as positive for Bitcoin by easing regulatory concerns, there's still a risk of a further pullback in the early part of the year.
Additional Insights
It appears our analysis was spot on, as there's potential for further retracement. Recent news about President Trump's involvement could potentially bring the price down to $88,000. This region is notable for its large daily Fair Value Gaps (FVGs), which are imbalances in the market that will need to be squared up at some point.
Trading Strategy
In light of the current market conditions, it is crucial to closely monitor key support levels and technical indicators. The oversold RSI suggests potential undervaluation, which may lead to a rebound or a consolidation phase. Traders should remain vigilant for further bearish signals from the MA and MACD indicators.
Market Overview
Bitcoin (BTC) continues to be a focal point as we enter the new year. After experiencing a robust upward trend, BTC has faced a significant downturn, breaking through crucial support levels. This shift is largely attributed to macroeconomic developments, particularly those stemming from the United States.
Recent News Impact
BTC's recent price dip can be linked to the US Job Openings and Labour Turnover Survey (JOLTS) data, which indicated a surge in hiring, strengthening the labour market. This macroeconomic factor contributed to BTC falling below the $98,000 threshold, with substantial trades influencing the price via "spoofing" practices.
Moreover, the resignation of Fed Vice Chair Michael Barr has noticeably affected market sentiment. Although his departure is seen as positive for Bitcoin by easing regulatory concerns, there's still a risk of a further pullback in the early part of the year.
Additional Insights
It appears our analysis was spot on, as there's potential for further retracement. Recent news about President Trump's involvement could potentially bring the price down to $88,000. This region is notable for its large daily Fair Value Gaps (FVGs), which are imbalances in the market that will need to be squared up at some point.
Trading Strategy
In light of the current market conditions, it is crucial to closely monitor key support levels and technical indicators. The oversold RSI suggests potential undervaluation, which may lead to a rebound or a consolidation phase. Traders should remain vigilant for further bearish signals from the MA and MACD indicators.
Disclaimer
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