Bitcoin and Altcoin Market Update
Yesterday, I shared my bullish analysis when the price of Bitcoin was around 78,600. A few hours after the analysis, the market rose toward 81,000, as expected.
Today, non-farm payrolls data, the unemployment rate, and average hourly earnings caused sharp volatility. Bitcoin fell by about 1.3% in just one minute, leading to a sudden and sharp correction in the market.
After the U.S. market opened, we saw a rebound, which is normal after such a rapid rise. However, the impact of the initial heavy selling was much stronger.
At the moment, I expect another correction after the market closes. Any rise we are seeing now may be largely driven by recent news rather than a confirmed trend reversal.
I will watch the reaction after the close before confirming the next main trend.
$BTC
Yesterday, I shared my bullish analysis when the price of Bitcoin was around 78,600. A few hours after the analysis, the market rose toward 81,000, as expected.
Today, non-farm payrolls data, the unemployment rate, and average hourly earnings caused sharp volatility. Bitcoin fell by about 1.3% in just one minute, leading to a sudden and sharp correction in the market.
After the U.S. market opened, we saw a rebound, which is normal after such a rapid rise. However, the impact of the initial heavy selling was much stronger.
At the moment, I expect another correction after the market closes. Any rise we are seeing now may be largely driven by recent news rather than a confirmed trend reversal.
I will watch the reaction after the close before confirming the next main trend.
$BTC
