As experts debate the real significance of estimate-beating payroll figures, BTC price activity remains in a rut.
On August 5, as US stocks failed to embrace unexpectedly positive payroll statistics, bitcoin experienced new rejection at the $23,500 resistance.
As bears maintained the market in its intraday trading range, data from Cointelegraph Markets Pro and TradingView were used to track BTC/USD.
Even though U.S. payrolls for July came in at levels twice as high as expected, Wall Street opened with a whimper. Some experts argued that the data, in light of the unusual response, didn’t demonstrate economic health but rather current workers taking on additional employment as a result of inflation.
Schiff wasn’t alone in his misgivings about the state of employment; other people, including Wealthion CEO Adam Taggart, also expressed misgivings.
In the meantime, Kyle Bass, chief investment officer at Hayman Capital Management, reflected on the Federal Reserve‘s confidence in employment in the years before the 2008 Global Financial Crisis.
Therefore, the S&P 500 and Nasdaq Composite Index both started the day slightly lower before a relief rally started, while Bitcoin rebounded from a dive below $23,000 to retarget range highs at the time of writing.
Nevertheless, information from the Binance order book caused others to worry about whale activity. Notably, Maartunn, a contributor to the on-chain analytics platform CryptoQuant, cautioned that one organization was probably trying to completely abandon its stake at the current levels.
Too Many Refusals?
Amid numerous rejections above $24,500, bitcoin traders were weighing the prospect of a new leg down.
The next significant level of interest, if the slump continues, was $20,000, according to the well-known trading account Profit Blue.
Additionally, Daan pointed out that although cryptocurrency had underperformed the rest of the markets this week, things may be about to change.