Market Update - 7/5/24
Crypto markets have so far shown resilience after what has been an eventful week to-date. On the 1st of May we witnessed Bitcoin trade below both the March and April lows, where we then saw four consecutive days of buying resulting in a 14% rally back to $64,500 USD.
👉The next few days will be key in understanding if the bulls will continue to show up, we provide some bullish and bearish scenarios to start the week below.
There is little on the economic calendar this week, however we did see a very interesting print at the end of last week for the US labour market.
Fear and Greed Index currently stands at 71.
US Unemployment Rate Ticks Higher
Last week, the US unemployment rate slightly missed expectations, coming in at 3.9% instead of the anticipated 3.8%.
It's important to understand why this matters. An increase in unemployment could hint at a broader economic slowdown. Jerome Powell, the chairman of the Federal Reserve has previously mentioned that a weakening labour market might precipitate a change to interest rates and an overall easing of conditions from the current regime.
Bullish Scenario
Early this week, should the bulls hold their ground at the current ranges, we could see a push to the range midpoint of $66,000 USD.
Bearish Scenario
Failure to see the bulls hold the market here could then see prices retesting the bottom of this channel, which was reclaimed at the start of this month. This may result in Bitcoin moving back towards $61,000 USD.
👉The next few days will be key in understanding if the bulls will continue to show up, we provide some bullish and bearish scenarios to start the week below.
There is little on the economic calendar this week, however we did see a very interesting print at the end of last week for the US labour market.
Fear and Greed Index currently stands at 71.
US Unemployment Rate Ticks Higher
Last week, the US unemployment rate slightly missed expectations, coming in at 3.9% instead of the anticipated 3.8%.
It's important to understand why this matters. An increase in unemployment could hint at a broader economic slowdown. Jerome Powell, the chairman of the Federal Reserve has previously mentioned that a weakening labour market might precipitate a change to interest rates and an overall easing of conditions from the current regime.
Bullish Scenario
Early this week, should the bulls hold their ground at the current ranges, we could see a push to the range midpoint of $66,000 USD.
Bearish Scenario
Failure to see the bulls hold the market here could then see prices retesting the bottom of this channel, which was reclaimed at the start of this month. This may result in Bitcoin moving back towards $61,000 USD.
Check out my YouTube channel - Crypto With Pav, for crypto market analysis. You can also join my free telegram for more frequent updates - t.me/pavs_ta_temple
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