Bitcoin on March 8, 2023: Against the grain

More jobs – The price of Bitcoin (BTC) remains stuck around the 200-day exponential moving average at around $22,000. The latest employment figures in the United States may complicate the task of the bulls in the very short term.


Bitcoin price at $22,000 after FED assault

Bitcoin price drops to $21,869 on Bitfinex today, March 8, 2023. The cryptocurrency is trading at $22,024 at the time of writing this article. Its price is currently recording a daily loss of 0.83%.

Bitcoin price is swinging back and forth across $22,000, after US Federal Reserve (FED) Chairman Jerome Powell hinted that the next rate hike would be higher than expected , and that rate increases should last longer.

Bitcoin price remains stuck at $22,000 as the macro environment works in favor of the dollar, and against risky assets.

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Figures in favor of the greenback and Jerome Powell

Other macroeconomic data tend to confirm investors’ fears about the extent and the continuation of monetary tightening in the United States. The founder of trading company Eight, Michaël van de Poppe, commented on the latest employment figures in the country.

Statistics show that “more jobs have been created in the last month” – 10.82 million – compared to forecasts – 10.58 million. This figure which is positive for the economy is also valid for the dollars (DXY)and for “the powell politics », emphasizes Michaël van de Poppe.

The dollar hit 105.88 today, its upper since December 1 of last year. As for the rate hike, Michaël van de Poppe noted that the increase in interest rates takes 6 to 9 months before this measure has “a significant impact”. However, most of the increases have been made for less than 6 months.

In other words, if this theory were true, risky assets like Bitcoin would have to wait a few more months before the rise in US rates had a positive effect on inflation, and the FED then decided halt or sustainably slow these increases in the federal funds rate.

This week’s key events seem to benefit the bears, for now. Macro data is putting downside pressure on the $22,000 that is holding…but for how long?

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Last Verdict

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