Bitcoin (BTC) News Today: Bitcoin’s Price Falls Below $54,000; Will the ETF Market Provide a Boost?

Welcome to Extreme Investor Network, where we provide you with unique insights and analysis on the stock market, trading strategies, and all things Wall Street. Today, we are diving into the recent US Wage Growth data and its impact on the market.

The CME FedWatch Tool is a key indicator of market sentiment towards the Federal Reserve’s interest rate decisions. Following the Jobs Report, the probability of the Fed holding interest rates steady for the September decision dropped from 25.7% to 22.1%. This change in sentiment was even more pronounced compared to the previous week, with the probability falling from 35.9%.

Related:  Forecasts for EUR/USD, GBP/USD, USD/CAD, USD/JPY as U.S. Dollar Bounces Back from Session Lows

In addition to the interest rate speculation, the US BTC-spot ETF market also saw a boost in inflows following the Jobs Report. Farside Investors reported that various Bitcoin ETFs experienced net inflows, with Fidelity Wise Origin Bitcoin Fund leading the way with $117.4 million in inflows.

The market reaction to the US Jobs Report was evident across various sectors, with the US BTC-spot ETF market and the Nasdaq Composite Index both showing positive movements. As the Nasdaq gained 0.90% on the day, 10-year US Treasury yields fell, indicating investor confidence in the market.

Looking at technical analysis, Bitcoin (BTC) remains below key moving averages, signaling bearish price trends. However, a move above the 200-day EMA could push BTC towards the $60,365 resistance level. On the flip side, a break below $55,000 could lead to a test of the $52,884 support level.

Related:  Today's XRP News: Ripple's Legal Win and SEC's Possible Appeal Detailsclarified

Overall, the market sentiment towards BTC remains mixed, with factors like the Mt. Gox repayment and Fed rate cut bets impacting prices. Stay informed with Extreme Investor Network for the latest updates and insights on navigating the crypto market effectively.

With our expert analysis and unique perspectives, Extreme Investor Network is your go-to source for all things stock market, trading, and Wall Street. Learn, trade, and invest with confidence with us.

Source link