Bitcoin (Bitcoin) was newly rejected on August 5 at the $23,500 resistance.
‘Collapsing real wages’ teases payroll
Wall Street opened in a whisper, even as US job numbers doubled to an estimated level in July. The bizarre reaction has led some analysts to argue that the numbers don’t really indicate economic strength, but that existing workers are taking side jobs because of inflation. did.
“The 528,000 job additions in July as the labor force participation rate dropped to 62.1 means that most of the new jobs went to people who already had jobs,” Goldbug said. Peter Schiff says. responded.
“The collapse of real wages is forcing many workers to pay their bills in the moonlight. If the labor market were strong, one job would be enough.”
Schiff wasn’t alone in his skepticism about the employment situation; Wealthion CEO Adam Taggart also voiced his disbelief.
This 6 Sigma Blowout Job Report Stinks
A two-quarters contraction in GDP, the Fed’s hectic rate hikes, shrinking corporate profit margins, hiring freezes by big companies, or aggressive layoffs — these are by no means indicative of strong job creation.
I’m calling BS
— Adam Taggart (@menlobear) August 5, 2022
Meanwhile, Kyle Bass, chief investment officer at Heyman Capital Management, recalled the Federal Reserve’s hiring optimism in the years before the 2008 global financial crisis.
— Kyle Bass (@Jkylebass) August 5, 2022
Thus, while the S&P 500 and Nasdaq Composite both opened modestly lower the day before the rally of relief began, Bitcoin has recovered from below $23,000 and is in the red at the time of writing. Updated highest value.
“Short correction possible, but trend is still up,” Cointelegraph contributor Michael van de Poppe Added.
Nonetheless, data from Binance’s order book raised some concerns about whale activity. Notably, Maartunn, a contributor to on-chain analytics platform CryptoQuant, warned that there are companies looking to exit positions entirely at current levels.
Whales wanting to get out were/rule the market.
Purple ($100,000 – $1M) has achieved these steps
1. Bid below to support the price
2. Market buying to encourage price increases
3. Prices pushed higher to ask
4. Fierce Market Sales
5.The following bids will be deleted
— Martin (@JA_Maartun) August 5, 2022
“Historically, the purple whale has had the most impact on Bitcoin’s price,” added the monitoring resource Material Indicators, which provided the figures.
Too many denials?
Meanwhile, Bitcoin traders have considered the possibility of making a fresh start amid repeated rejections at $24,500.
Popular trading account Profit Blue has its eye on $20,000 as the next major interest level if the downtrend continues.
#bitcoin Perspective update.
The double top pattern you warned about at 24k works very well.
There’s still a lot of downside potential here, let’s see how the 20k level holds up next. pic.twitter.com/vyrV1rZCvO
— PROFIT BLUE (@profit8lue) August 5, 2022
“$BTC has regained stacked lows and resting liquidity below $22.6K,” said fellow trader Daan. continuation.
“The closest downside liquidity is now at the high volume node below $21,000. But the upside is located much closer to these levels, at $23,600 to $24,700. Sounds like a good direction to me. increase.”
Cryptocurrencies have certainly underperformed the rest of the market this week. But now we are trying to fill the gap. pic.twitter.com/6JzM7MSRFf
— Daan Crypto Trades (@DaanCrypto) August 5, 2022
Dern also said cryptocurrencies “underperformed the market for the rest of the week,” although this may already be changing.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and trading movements involve risk. You should do your own research when making a decision.