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Bitcoin Bulls Look to Hold Key Support Ahead of NFPs: How to Trade the Report | Investing.com

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By Investing.comCryptocurrencywww.investing.com/analysis/bitcoin-bulls-look-to-hold-key-support-ahead-of-nfps-how-to-trade-the-report-200643295Bitcoin Bulls Look to Hold Key Support Ahead of NFPs: How to Trade the ReportBy Investing.com &nbsp;&nbsp;|&nbsp;&nbsp;Nov 03, 2023 07:17AM ET2&nbsp;BTC/USD-1.14%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloserecently tested a significant resistance level in its long-term outlook, spurred by this week's ascent following the Federal Reserve's to once again keep interest rates unchanged and deliver a reassuring message about its monetary policy.With increased risk appetite following the Fed's decision, Bitcoin experienced a surge during Asia trading hours, briefly reaching $35,900. On the weekly chart, this price aligns with the 0.382 Fibonacci level calculated from the peak and bottom, representing a crucial hurdle to clear for a sustained uptrend. However, Bitcoin retraced its gains from the Fed-related rally and dipped from $35,900.As the week neared its end and attention shifted to the data, Bitcoin relinquished some of its short-term gains and appeared to be approaching the lower boundary of the horizontal trading range that it has maintained since the last week of October.This horizontal range's boundaries also align with Fibonacci expansion levels corresponding to the retracement from July to September, as evident in the daily chart. The cryptocurrency remains within this zone, oscillating between Fib 1.414 and Fib 1.618, with the $34,000 to $34,300 range acting as a pivotal support level.Should daily closes fall below $34,000, it could intensify selling pressure and potentially lead Bitcoin to retreat to the midline of the 2023 rising channel, with an interim support of around $33,100. In such a scenario, the cryptocurrency could test the $32,000 level.The trigger for a possible pullback could be higher-than-expected employment data. In this case, it would accelerate speculation that the Fed may decide to raise interest rates in December to increase the cost of financing, depending on the economic strength. This could accelerate investors' flight from risky assets to low-risk assets such as bonds and trigger a correction in Bitcoin.While markets shifted their focus from geopolitical risk to economic data this week, other important data released in the US included , a leading indicator for Non-Farm Payrolls. The fact that this data was below expectations along with data also supported positive pricing in risky assets.In the current market conditions, Bitcoin (BTC) appears to be witnessing a predominance of seller-weighted transactions as it retraced before the release of employment data. If the employment data aligns with the ADP Nonfarm Employment Change, it could potentially catalyze a rapid rebound in the Bitcoin price, which is currently testing a crucial support zone.In such a scenario, a surge towards $35,300 could be anticipated. Breaking through the $35,000 mark, a significant short-term resistance, would bring the long-term resistance at $36,500 into focus. A weekly close above this level might pave the way for Bitcoin to explore the price range between $42,000 and $48,000.Analyzing historical data, it's evident that during the protracted decline in the past, a noteworthy reaction occurred within the range of $36,500 to $48,000 in 2022. Depending on short-term resistance levels, we could anticipate price fluctuations within this range over the next three months.In summary, Bitcoin may undergo a correction toward the midsection of the rising channel, falling between $32,500 and $33,000 in the near future, due to the deceleration in its upward trajectory. Should the bulls manage to push the price higher within this range, the trend may continue to strengthen, potentially leading to a new annual peak at $36,500.Nevertheless, if the week concludes above the short-term resistance level of $35,300, it increases the likelihood of Bitcoin continuing its upward journey without a significant correction.***Disclaimer: This article is written for informational purposes only; it does not constitute a solicitation, offer, advice, or recommendation to invest as such it is not intended to incentivize the purchase of assets in any way. I would like to remind you that any type of asset, is evaluated from multiple points of view and is highly risky and therefore, any investment decision and the associated risk remains with the investor.Bitcoin Bulls Look to Hold Key Support Ahead of NFPs: How to Trade the Report2Comments (2)2Bitcoin Rally Leaves Gold BehindAs Powell's press conference drove down bond yields on his statement about the upcoming tightening of conditions (reducing the need for further hikes), Bitcoin rallied higher...A Bitcoin Golden Cross Forms as Bullish Momentum ContinuesBitcoin formed a bullish chart pattern known as the 'golden cross' in the wake of its latest rally that took its price to a 1.5-year high.In the wake of its latest rally, Bitcoin...Bitcoin Rallies on False Reports of Blackrock’s ETF ApprovalThe U.S. bond market is at a tipping point, with the 10-year Treasury note yield rising above 4.95% for the first time since 2007.This is significant and marks a point where the...Add a CommentComment Guidelines&nbsp;I have read Investing.com's comments guidelines and agree to the terms described.I AgreeWrite your thoughts hereAre you sure you want to delete this chart?Delete Cancel&nbsp;PostReplace the attached chart with a new chart ?Replace CancelComment GuidelinesShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveReplyAre you sure you want to delete this chart?Delete Cancel&nbsp;PostReplace the attached chart with a new chart ?Replace CancelComment GuidelinesAdd Chart to CommentCancelAttachConfirm BlockAre you sure you want to block %USER_NAME%?By doing so, you and %USER_NAME% will not be able to seeany of each other's Investing.com's posts.%USER_NAME% was successfully added to your Block ListSince you’ve just unblocked this person, you must wait 48 hours before renewing the block.Confirm Block CancelOkReport this commentI feel that this comment is:SpamOffensiveSubmitComment flaggedThank You!Your report has been sent to our moderators for reviewCloseTabs SelectionIndicesCommoditiesBondsStocksCryptoForexETFsApply&nbsp;US 3034,007.2+168.1+0.50%&nbsp;&nbsp;US 5004,353.6+35.8+0.83%&nbsp;&nbsp;Dow Jones34,008.91+169.83+0.50%&nbsp;&nbsp;S&amp;P 5004,353.30+35.52+0.82%&nbsp;&nbsp;Nasdaq13,409.90+115.71+0.87%&nbsp;&nbsp;S&amp;P 500 VIX15.23-0.43-2.75%&nbsp;&nbsp;Dollar Index105.147-0.830-0.78%&nbsp;&nbsp;Crude Oil WTI82.15-0.31-0.38%&nbsp;&nbsp;Brent Oil86.49-0.36-0.41%&nbsp;&nbsp;Natural Gas3.518+0.046+1.32%&nbsp;&nbsp;Gold2,003.90+10.40+0.52%&nbsp;&nbsp;Silver23.315+0.469+2.05%&nbsp;&nbsp;Copper3.6922+0.0197+0.54%&nbsp;&nbsp;US Soybeans1,349.38+20.38+1.53%&nbsp;&nbsp;U.S. 10Y4.534-0.136-2.91%&nbsp;&nbsp;U.S. 30Y4.703-0.118-2.45%&nbsp;&nbsp;U.S. 5Y4.481-0.155-3.35%&nbsp;&nbsp;U.S. 3M5.422-0.018-0.34%&nbsp;&nbsp;US 10Y T-Note108.48+1.00+0.93%&nbsp;&nbsp;Euro Bund130.53+0.56+0.43%&nbsp;&nbsp;10-2 Yield Spread-21.580.000.00%&nbsp;&nbsp;Apple175.04-2.53-1.42%&nbsp;&nbsp;Alphabet A128.13+0.64+0.50%&nbsp;&nbsp;Tesla223.88+5.37+2.46%&nbsp;&nbsp;Amazon.com138.24+0.17+0.12%&nbsp;&nbsp;Netflix427.80+3.09+0.73%&nbsp;&nbsp;Meta Platforms312.29+1.42+0.46%&nbsp;&nbsp;Bank of America28.50+0.88+3.19%&nbsp;Most Popular ArticlesU.S. adds 150,000 jobs in October, less than expectedApple falls as soft holiday quarter outlook outweighs earnings beat;...Payrolls report ahead, Apple earnings - what's moving marketsU.S. stocks are rising as weaker jobs report fuels hopes for interest...Stock Market Today: Dow ends higher as Treasury yields dive; jobs...More News&nbsp;Fed to Deliver Second Consecutive 'Hawkish Pause': Will the Market Buy...Bitcoin Bulls Look to Hold Key Support Ahead of NFPs: How to Trade the...Gold: Back to $1,800s if US Yields Don’t Back Off?Be Careful: Job and Retail Sales Data Are Always Good Until They...15 Stocks to Buy as ‘Hawkish’ Fed Keeps Door Open for Future HikesMore Analysis&nbsp;Central Banks Rates&nbsp;Central BanksInterest RatesNext Meeting&nbsp;&nbsp;FED5.50%Dec 13, 2023&nbsp;&nbsp;ECB4.50%Dec 14, 2023&nbsp;&nbsp;BOE5.25%Dec 14, 2023&nbsp;&nbsp;SNB1.75%Dec 14, 2023&nbsp;&nbsp;RBA4.10%Nov 07, 2023&nbsp;&nbsp;BOC5.00%Dec 06, 2023&nbsp;&nbsp;RBNZ5.50%Nov 29, 2023&nbsp;&nbsp;BOJ-0.10%Dec 19, 2023&nbsp;&nbsp;CBR15.00%Dec 15, 2023&nbsp;&nbsp;RBI6.50%Dec 08, 2023&nbsp;&nbsp;PBOC3.45%&nbsp;&nbsp;BCB12.25%Dec 13, 2023&nbsp;Sign up with Email

By Investing.comCryptocurrencywww.investing.com/analysis/bitcoin-bulls-look-to-hold-key-support-ahead-of-nfps-how-to-trade-the-report-200643295Bitcoin Bulls Look to Hold Key Support Ahead of NFPs: How to Trade the ReportBy Investing.com &nbsp;&nbsp;|&nbsp;&nbsp;Nov 03, 2023 07:17AM ET2&nbsp;BTC/USD-1.14%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloserecently tested a significant resistance level in its long-term outlook, spurred by this week's ascent following the Federal Reserve's to once again keep interest rates unchanged and deliver a...

Bitcoin Bulls Look to Hold Key Support Ahead of NFPs: How to Trade the Report | Investing.com

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