Bitcoin (BTC) Struggles Near $56,000 as Markets Await U.S. Jobs Report and NFP Data
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Bitcoin (BTC/USD) continues to face bearish pressure ahead of key U.S. economic data releases, including Non-Farm Employment Change, forecasted at 164K, and the Unemployment Rate, expected at 4.2%.
These figures, along with Average Hourly Earnings growth at 0.3%, could influence market sentiment and Federal Reserve policy decisions.
Bitcoin is currently trading within a descending channel, testing key support at $55,238. A break above the pivot point of $56,726 could signal a bullish shift, but the overall outlook remains cautious amid broader economic uncertainty.
Bitcoin’s price recently hit $56,000, sparking concerns of “extreme fear” in the cryptocurrency market. Arthur Hayes, co-founder of BitMEX, predicted that Bitcoin could fall below $50,000 over the weekend.
The Crypto Fear & Greed Index dropped to 22 points, marking its first return to “extreme fear” since August.
$BTC is heavy, I’m gunning for sub $50k this weekend. I took a cheeky short. Pray for my soul, for I am a degen.
Bitcoin has lost 3.13% in the past 48 hours, wiping out over $29.7 billion in market value. Although the price dipped to $55,628, it has recovered slightly to $56,738.
This decline is partly driven by concerns over the U.S. economy and weak job data, which could affect Federal Reserve policies.
Hayes, previously inaccurate in his predictions, now warns of a further drop to $50,000, adding to market pressure as other technical indicators also signal bearish trends.
India’s Financial Intelligence Unit (FIU) is considering requests from four offshore
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