Can Bitcoin Hold $92K Support?
With the Fed urging caution, the key question for traders is whether Bitcoin can defend the $92,000 support level. We break down the technicals and sentiment.
Bitcoin was mostly steady near $92,000 on Thursday after dropping below the key $90,000 level in the previous session, as investors weighed conflicting signals from the Federal Reserve and awaited heavily delayed U.S. jobs data.
The world's largest cryptocurrency last traded unchanged at $91,882.4.
Bitcoin briefly fell to as low as $88,610.4 in the past 24 hours before recovering back above $90,000.
Fed uncertainty remains; jobs data awaited
Minutes from the Fed's Oct.28-29 meeting revealed growing divisions within the policy-making body over whether to cut rates at its Dec. 9-10 meeting.
Some officials argue that a rate cut is appropriate if the economy weakens, while others mark persistent inflation and say a pause may be needed.
Implied odds in the market for a rate cut in December have fallen after the disclosure.
Compounding the uncertainty, the Bureau of Labor Statistics confirmed that the October employment report will not be published because the 43-day federal government shutdown is blocking the collection of the Household Survey.
October's corporate founding survey Data will be incorporated into the November report, which is currently scheduled to be released on December 16 - after the Fed's policy meeting.
Meanwhile, September employment data - albeit delayed-will be released on Thursday and will be the only complete official labor market picture before the December meeting.
Crypto prices today: altcoins are in range amid cautious mood
Most altcoins fell on Thursday, extending losses amid a cautious mood.
Ethereum, the world's number two cryptocurrency, fell 1.8% to $3,025.20.
World no. 3 crypto XRP fell 1.6% to $2.13.
Solana edged up, while Cardano and Polygon edged down.
Among meme tokens, Dogecoin lost 1% and $TRUMP fell 2.3%.
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