Bitcoin (BTC) fell before the February 3 Wall Street open as new United States economic data came in “hot summer.”
“Rethinking” the US recession
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it erased gains from the previous day to center around $23,000 support.
The pair reacted negatively to US unemployment data for January, which beat expectations that the overall jobless rate would fall to the lowest level since 1969.
Non-farm payrolls (NFP) data also outperformed, while average hourly earnings matched forecasts for 0.3% growth.
“HUGE beat on NFP,” popular analytics account Tedtalksmacro the answer on Twitter.
Back to forecast from the previous day, Tedtalksmacro eyes a potential opportunity to increase exposure to Bitcoin, given the latest come-down, which he said could take BTC/USD all the way to $20,000.
“A chance to recharge this news, with potential,” another tweeted added.
Bitcoin’s cold feet come from the implication that a stronger-than-forecast labor market is allowing the Federal Reserve to maintain tighter, less liquid monetary conditions for a longer period of time.
“US economy sliding into recession? Well, think again. At least in the near term,” economist and analyst Jan Wüstenfeld along.
$25,000 Bitcoin is now “busy trading”
As Cointelegraph reported, the Fed raised interest rates by 0.25% this week, in line with almost all expectations, while Chairman Jerome Powell caused excitement by using the term “disinflation” in accompanying comments.
Related: Bitcoin bulls must recover these 2 levels as the ‘death cross’ still looms
BTC/USD thus spiked above $24,000 for the second time in as many days, with market participants still hoping for a trip to $25,000 before a more significant retracement.
“BTC has a clean breakout above the macro downtrend + backtest line,” Game of Trades investment research sources stated.
“The next big resistance to clear is the $25k area.”
Popular trader Crypto Tony remains acknowledge so that the target is no longer possible.
“$25,000 was the main goal, but now I see a lot of people asking for this, and it’s a busy trade,” he wrote in the new update section of the day.
The views, thoughts and opinions expressed here are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.