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(Kitco News) – The crypto market traded flat to end the work week as the latest jobs report came in below expectations, but the fact that more than 200,000 jobs were added while the unemployment rate declined and wages continued to rise was a signal to investors that the Federal Reserve is likely to move forward with additional interest rate hikes.
Stocks were in the green for the majority of the trading day but began to lose momentum as the closing bell approached, ultimately finishing lower as investors remain hesitant to go all-in due to multiple economic headwinds. At the market close, the S&P, Dow and Nasdaq all finished in the red, down 0.29, 0.55, and 0.13%, respectively.
Data provided by TradingView shows that Bitcoin (BTC) bears made an attempt to break the back of support at $30,000 in the early hours on Friday, dropping BTC to a low of $29,805 before bulls rallied the defenses and pushed it back above support at $30,300 in afternoon trading.
BTC/USD Chart by TradingView
The push lower resulted in July Bitcoin futures prices trading lower in early U.S. trading, according to Kitco senior technical analyst Jim Wyckoff, who noted that “the bulls have lost just a bit of strength late this week.”
Bitcoin futures 1-day chart. Source: Kitco
“The bulls still have the overall near-term technical advantage but now need to step up and show some fresh power soon, to keep their edge,” Wyckoff said.
For MN Trading founder Michaël van de Poppe, Friday’s BTC price action is a warning sign that it could head lower in the near term, which led him to suggest a “sweep of $29,500-29,700 seems inevitable.”
Interesting. Not bueno at $30,200 for #Bitcoin, through which a sweep of $29,500-29,700 seems inevitable. pic.twitter.com/KLy5nw7Dmn
— Michaël van de Poppe (@CryptoMichNL) July 7, 2023
Market analyst Rekt Capital corroborated this outlook, saying that Bitcoin has “lost its mini parabola,” which means “a macro dip into the ~$29250 level is more likely at this time, especially if this mini-parabola flips into new resistance.”
BTC/USD 1-day chart. Source: Twitter
And market analyst Crypto Tony said that from a macro perspective, Bitcoin bulls need to hold $25,000 in order to sustain the bullish narrative that has developed in recent weeks.
$25,000 is the level the bulls must hold on the macro time frame to sustain this macro bullish position 💯
IF we start to lose this, then the lower targets become in force once again. Something to take note of 💯 pic.twitter.com/GxTqfgWt31
— Crypto Tony (@CryptoTony__) July 7, 2023
Altcoins trade mixed
It was a mixed day for the altcoin market, with the top 200 tokens evenly split between winners and losers while the majority of tokens experienced only a slight change in price on Friday.
Daily cryptocurrency market performance. Source: Coin360
Notable winners included Ocean Protocol (OCEAN), Bone ShibaSwap (BONE) and Verge (XVG), which gained 14.71%, 12.56%, and 8.55%, respectively, while NMY (NMY), MobileCoin (MOB) and Frax Share (FS) all recorded losses of 6.5%.
The overall cryptocurrency market cap now stands at $1.18 trillion, and Bitcoin’s dominance rate is 49.9%.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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