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February 4, 2022

We're About To See A Big Move On BTC

Frank Cabibi

Mixed jobs data in the US has caused major uncertainty in the stock market which could be beneficial to BTC (Bitcoin) overall. BTC/USD is up nearly 8% on the day at the time of writing this, while the SPX500 is down a little over 1%.

Mixed Market Data

Although NFP showed us an additional 467K jobs this month, we still saw a rise in the unemployment rate. This caused some uncertainty in the equities markets as well as a spike in crypto. This uncertainty has driven investors away from riskier bets on Wall Street due to high levels of volatility.

BTC
US NFP from the past 7 months

A mixed earnings season has also caused investors to worry as major tech stocks miss but still see incredible upside in after-hours trading. Amazon got downgraded and missed earnings, but the stock saw over a 10% spike in price during post market.

The recent tech rally could be helping bitcoin's price as well since the majority of them use or plan to use crypto in their business model over time. There is a chance that this rally could fade due to the fact that there was an unjust surge in tech stocks coupled with mounting USD demand. However, when crypto catches momentum, it rides that wave for a while and for a long time. So, this spike could be the beginning of a larger rally to come.

BTC/USD

BTC
BTCUSD spiked today on a US jobs number miss and is now testing a significant resistance level around $39,700s. If we see a break above, the next stop could be at the 50 DMA. The death cross at the beginning of the year is still concerning, but we could be seeing a momentum shift in the short term.

Breaking the $40K mark was a significant step for the crypto, although it is still uncertain how much farther the coin will rise. I think the momentum going into today's session is a good sign that we could see a couple more like this at least. One key indicator to look for is if BTC can close in the $40,000s to prove that it has broken resistance.

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