Bitcoin (BTC) fell prior to the Feb. 3 Wall Street open as fresh United States economic data came in “hot hot hot.”
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it erased gains from earlier in the day to center on $23,000 support.
The pair reacted negatively to U.S. unemployment data for January, which beat expectations so considerably that overall jobless figures fell to their lowest since 1969.
Non-farm payrolls (NFP) data likewise outperformed, while average hourly earnings conformed to forecast 0.3% growth.
“HUGE beat in NFP,” popular analytics account Tedtalksmacro responded on Twitter.
Returning to predictions from the day prior, Tedtalksmacro eyed a potential opportunity to increase Bitcoin exposure given the latest comedown, which it said could take BTC/USD all the way to $20,000.
“An opportunity to reload on this news, potentially,” a further tweet added.
Bitcoin’s cold feet comes from the implication that a stronger-than-forecast labor market allows the Federal Reserve to maintain tighter, less liquid monetary conditions for a longer period of time.
“US economy sliding into a recession? Well, think again. At least not in the near term,” economist and analyst Jan Wuestenfeld continued.
As Cointelegraph reported, the Fed raised interest rates by 0.25% this week, in line with almost all expectations, while Chair Jerome Powell caused excitement by using the term “disinflation” in accompanying comments.
Related: Bitcoin bulls must reclaim these 2 levels as ‘death cross’ still looms
BTC/USD thus spiked above $24,000 for the second time in as many days, with market participants still hopeful of a trip to $25,000 before a more significant retracement.
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