{"id":10169,"date":"2023-02-04T00:41:43","date_gmt":"2023-02-04T00:41:43","guid":{"rendered":"http:\/\/www.cryptoheretostay.com\/?p=10169"},"modified":"2023-02-04T00:41:44","modified_gmt":"2023-02-04T00:41:44","slug":"20k-bitcoin-may-return-says-analyst-as-us-unemployment-hits-54-year-low","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10169","title":{"rendered":"$20K Bitcoin may return, says analyst as US unemployment hits 54-year low"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) fell prior to the Feb. 3 Wall Street open as fresh United States economic data came in \u201chot hot hot.\u201d<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>\u201cThink again\u201d over U.S. recession<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it erased gains from earlier in the day to center on $23,000 support.<\/p>\n<p>The pair reacted negatively to U.S. unemployment data for January, which beat expectations so considerably that overall jobless figures fell to their lowest since 1969.<\/p>\n<p>Non-farm payrolls (NFP) data likewise outperformed, while average hourly earnings conformed to forecast 0.3% growth.<\/p>\n<p>\u201cHUGE beat in NFP,\u201d popular analytics account Tedtalksmacro responded on Twitter.<\/p>\n<p>Returning to predictions from the day prior, Tedtalksmacro eyed a potential opportunity to increase Bitcoin exposure, given the latest come-down, which it said could take BTC\/USD all the way to $20,000.<\/p>\n<p>\u201cAn opportunity to reload on this news, potentially,\u201d a further tweet added.<\/p>\n<p>Bitcoin\u2019s cold feet come from the implication that a stronger-than-forecast labor market allows the Federal Reserve to maintain tighter, less liquid monetary conditions for a longer period of time. <\/p>\n<p>\u201cUS economy sliding into a recession? Well, think again. At least not in the near term,\u201d economist and analyst Jan W\u00fcstenfeld continued.<\/p>\n<p><em>U.S. civilian unemployment rate chart. Source: Bureau of Labor Statistics<\/em><\/p>\n<h2>$25,000 Bitcoin now \u201ccrowded trade\u201d<\/h2>\n<p>As Cointelegraph reported, the Fed raised interest rates by 0.25% this week, in line with almost all expectations, while Chair Jerome Powell caused excitement by using the term \u201cdisinflation\u201d in accompanying comments. <\/p>\n<p><strong><em>Related:\u00a0Bitcoin bulls must reclaim these 2 levels as \u2018death cross\u2019 still looms<\/em><\/strong><\/p>\n<p>BTC\/USD thus spiked above $24,000 for the second time in as many days, with market participants still hopeful of a trip to $25,000 before a more significant retracement.<\/p>\n<p>\u201cBTC has had a clean breakout above its macro downtrend line + a backtest,\u201d investment research resource Game of Trades stated. <\/p>\n<p>\u201cThe next big resistance to clear is the $25k region.\u201d<em>BTC\/USD annotated chart. Source: Game of Trades\/Twitter<\/em><\/p>\n<p>Popular trader Crypto Tony nonetheless acknowledged that that target may no longer materialize.<\/p>\n<p>\u201c$25,000 is my main target, but I am seeing now a lot of people asking for this, and is becoming a crowded trade,\u201d he wrote in part of a fresh update on the day.<\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/20k-bitcoin-may-return-says-analyst-as-us-unemployment-hits-54-year-low\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) fell prior to the Feb. 3 Wall Street open as fresh United States economic data came in \u201chot hot hot.\u201d BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView \u201cThink again\u201d over U.S. recession Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it erased gains from earlier in the day to center on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10170,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-10169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10169","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10169"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10169\/revisions"}],"predecessor-version":[{"id":10171,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10169\/revisions\/10171"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10170"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}