After two days of gains, $BTC has fallen back to 76,000.
It was still above 80,600 yesterday, but this morning it was already back around 76,300—a drop of more than 5% in one day. ETFs didn’t come to the rescue either: a single Fidelity fund saw outflows of nearly $200 million. The Fear & Greed Index is still hovering around 30, firmly in fear territory.
At 9:30 p.m. tonight, the U.S. October nonfarm payrolls report comes out: the market expects 65,000 new jobs, compared with just 29,000 last time, and an unemployment rate of 4.2%. The awkward part is that either a good or bad result could send markets lower—a very strong report would kill hopes for rate cuts; a very weak one would revive recession fears. There’s only one way through: a result that’s “just right”—and getting just the right result is what markets are worst at.
So don’t try to guess the numbers tonight; people who do won’t sleep well. Think ahead: whatever the data brings, up or down, what are you planning to do tomorrow?
#MarketAnalysis,#BTC
It was still above 80,600 yesterday, but this morning it was already back around 76,300—a drop of more than 5% in one day. ETFs didn’t come to the rescue either: a single Fidelity fund saw outflows of nearly $200 million. The Fear & Greed Index is still hovering around 30, firmly in fear territory.
At 9:30 p.m. tonight, the U.S. October nonfarm payrolls report comes out: the market expects 65,000 new jobs, compared with just 29,000 last time, and an unemployment rate of 4.2%. The awkward part is that either a good or bad result could send markets lower—a very strong report would kill hopes for rate cuts; a very weak one would revive recession fears. There’s only one way through: a result that’s “just right”—and getting just the right result is what markets are worst at.
So don’t try to guess the numbers tonight; people who do won’t sleep well. Think ahead: whatever the data brings, up or down, what are you planning to do tomorrow?
#MarketAnalysis,#BTC