Data from USA Continues to Affect Bitcoin Price Negatively: What is the Current Situation?

Bitcoin investors, who are eagerly waiting for every data coming from the USA, always ask, “Will the rise begin?” Although it raises the question, the expected rise can never start.

Losing a little more power with each incoming data BTCWith the Fed’s interest rate policy unease and DXY reaching record levels, it continues its downward trend by maintaining its correlation with the US stock markets.

When we look at the investor perception, it is calculated based on the trends of market volatility, market volume acceleration, social media interest, Bitcoin dominance graph and the types of research on cryptocurrencies on the internet. fear and greed index continues to occupy a position of extreme fear today.

Fear And Greed Levels At Extreme Fear Level In Bitcoin

The index is in a state of “extreme fear” with 21 points at the time of this news. It is seen that the index, which went into a “fear” state last week and saw above 28 points, has decreased again due to the course of the market.

Looking at the Bitcoin chart, it can be seen that it has dropped below the $20,000 level again and is trying to hold on to the $19,800 support. Although Bitcoin has made several attempts to regain $20,000 over the past few days, it has failed to stay within this price line.

While the important support level is at $ 19,800 at this stage, it is very important not to lose this level. Again, the resistance level is $ 20,800. Breaking this level can also give the market a breather.

Data from the USA

Yesterday, the report containing the US unemployment data, which is one of the important data that will determine the Fed’s interest policy, was published. The data came out higher than expected. While the estimated 3.5 percent was 3.7 percent, the price of Bitcoin negatively affected.

However, the non-farm payrolls data coming in at 315,000 compared to the expected 350,000 signals that the US Federal Reserve’s hawkish stance may continue.

In the USA, the unemployment data for August was announced as 3.7%. Expectation 3.5%

— Bitcoin System (@bitcoinsystem) September 2, 2022

Before that, Fed Chairman Jerome Powell gave the image that the hawkish policy of the US central bank will continue in his speech to bankers on August 26. After Powell’s statements, BTC started its current decline and dropped below the $20,000 level.

On the other hand, Max Gokhman, chief investment officer of US hedge fund AlphaTrAI, believes that the unemployment report could cause a deeper Bitcoin decline and BTC could drop as low as $15,000.

Although there are many indicators that say we have reached the bottom in on-chain data, it would not be wrong to say that the main factor that will affect the Bitcoin price in the short term is the news from the USA.

*Not investment advice.