- Friday saw the leading crypto gaining 0.65% to close yesterday at $17,090.
- Bitcoin secured late support despite better-than-anticipated US jobs data and NASDAQ loss.
- Nevertheless, the Fear and Greed Index remained stable at 27/100, confirming uncertainty after the Jobs data.
Bitcoin saw a modest uptick on Friday, surging 0.65% to extend the 1.165 surges from the previous day. The bellwether crypto completed the day at around $17,090. Meanwhile, it closed at $17K for the 2nd time since 11 November.
Bitcoin reacted to a mixed session with an early afternoon uptick to $17,100. Failure to beat the first massive resistance of $17,253 saw the asset dipping to a $16,789 afternoon low. Nevertheless, BTC secured footing at the enormous support at $16,790 to rebound and finalize yesterday at $17,090.
Investor jitters remained visible ahead of the United States Jobs report on Friday. While Jerome Powell hinted at a pivot during his Wednesday remarks, economic indicators displayed mixed outcomes on Thursday.
Though the United States inflation softened, it wasn’t softer enough to force the Federal to re-consider pausing plans to ensure inflation at desired targets. Contrarily, the ISM manufacturing purchasing managers’ index (PMI) displayed a grim outlook, as the manufacturing industry contacted for the initial time since COVID-19’s onset.
Meanwhile, Friday’s United States jobs report was better than anticipated. NFP (non-farm) payrolls saw a sizeable upsurge, and wage growth accelerated. Nevertheless, the unemployment rate remained steady at 3.7%, limiting the damage, backing the dollar’s retreat, NASDAQ, and a Bitcoin recovery.
However, NASDAQ Composite closed the day 0.18% down, despite post-Jobs data recoveries. That burdened investor sentiment into the weekend.
Fear and Greed Index Holds Despite US Jobs Data
The Bitcoin Fear and Greed Index remained stable at 27/100 today. The better-than-anticipated US labor market stats could not spook investors, regardless of an unpredicted wage growth uptick. Cryptocurrency likely remained comfortable following Powell’s mid-week speech.
Nevertheless, though Federal fear might have lessened, investor jitters over an economic recession may resurface. ISM manufacturing PMI of this week revealed a grim outlook ahead of the crucial Non-Manufacturing PMI next week.
Remember, the services segment accounts for approximately 70% of the United States economy. Ducking sub-20/100 is crucial in the near term. Bulls should eye the 6 November high (pre-FTX debacle) at 40/100 to clear the obstacles in the path to $20K.
Bitcoin Price Action
While publishing this content, BTC hovered with a 0.25% 24hr slide at $17,049. Meanwhile, the early morning session propelled the crypto to a $17,144 high before declining to the $17,021 low. Bitcoin should keep the pivot at $16,993 away to target the massive resistance at $17,197.
A move above today’s morning peak at $17,144 would confirm a bullish session for the leading crypto. Nevertheless, market-friendly news is essential to support upside breakouts. Amplified bullish actions can see Bitcoin testing the hurdle at $17,304 before this week’s 417,335 high. Another crucial obstacle stands at around $17,615.
A dip through the mentioned pivot would welcome BTC’s first crucial support of $16,886. Excluding extended drop, the crypto should avoid $16.5K. Meanwhile, the support barrier at $16,682 should restrict the decline. Another reliable support sits at around $16,371.
Meantime, the 4hr and EMAs chart flashed a bullish stance. Bitcoin swayed beyond the 100-d EMA ($16,862) early today. The 50-d Exponential Moving Averaged approached the 100-d Exponential Moving Average, with the 100d EMA narrowing to the 200-d EMA, presenting bullish signs.
