NFP SHOCK IS OVER - But BTC Still Didn't Join The Party 😤
So here's what actually happened...
Thursday night, Nasdaq crashed 6.4% in its worst day since March 2020.
BTC got dragged down from $81K to $76K.
Then Friday, the bomb dropped:
US October NFP came in at 165,000 jobs
Expected was only 65,000. That's almost 3x beat. 🤯
Unemployment fell to 4.1% vs 4.2% expected.
September was also revised up from 29K to 60K.
Sounds like good news, right? Wrong for crypto.
Because a HOT jobs market = Fed has full reason to HIKE in December.
December hike odds jumped from 66.9% to 76.8% after this report.
Result?
Nasdaq bounced +1.09% to 24,579 on dip-buying.
But BTC? It did the OPPOSITE.
BTC dumped to $74,762 - lowest since Aug 21.
Then recovered to close near $75,844.
Right now BTC is holding around $75,900 - $75,943.
Still stuck BELOW its 50-week SMA at $77,533.
My honest take:
This was NOT a normal dip. This was a shakeout.
Weak hands sold at $74,762, smart money bought the wick.
But until BTC reclaims $77,500, I am NOT calling a bottom.
If $75,500 breaks again, next stop could be $73,200 and then $69,000.
If $77,500 reclaims, then $80,000 bounce is very much on the table.
Next big trigger: US CPI on Tuesday, Nov 10.
That will decide December Fed move.
Are you buying this fear, or waiting for $77.5K reclaim?
Comment your plan 👇
Not financial advice. DYOR.
#BTC #Bitcoin #NFP #Crypto #BinanceSquare
So here's what actually happened...
Thursday night, Nasdaq crashed 6.4% in its worst day since March 2020.
BTC got dragged down from $81K to $76K.
Then Friday, the bomb dropped:
US October NFP came in at 165,000 jobs
Expected was only 65,000. That's almost 3x beat. 🤯
Unemployment fell to 4.1% vs 4.2% expected.
September was also revised up from 29K to 60K.
Sounds like good news, right? Wrong for crypto.
Because a HOT jobs market = Fed has full reason to HIKE in December.
December hike odds jumped from 66.9% to 76.8% after this report.
Result?
Nasdaq bounced +1.09% to 24,579 on dip-buying.
But BTC? It did the OPPOSITE.
BTC dumped to $74,762 - lowest since Aug 21.
Then recovered to close near $75,844.
Right now BTC is holding around $75,900 - $75,943.
Still stuck BELOW its 50-week SMA at $77,533.
My honest take:
This was NOT a normal dip. This was a shakeout.
Weak hands sold at $74,762, smart money bought the wick.
But until BTC reclaims $77,500, I am NOT calling a bottom.
If $75,500 breaks again, next stop could be $73,200 and then $69,000.
If $77,500 reclaims, then $80,000 bounce is very much on the table.
Next big trigger: US CPI on Tuesday, Nov 10.
That will decide December Fed move.
Are you buying this fear, or waiting for $77.5K reclaim?
Comment your plan 👇
Not financial advice. DYOR.
#BTC #Bitcoin #NFP #Crypto #BinanceSquare
