Bitcoin Price Plunges 4% Amid Weak US Jobs Data, But This New ICO Races Past $1 Million In Just 3 Weeks
The Bitcoin price plunged 4% in the last 24 hours to trade at $53,879 as of 6:00 p.m. EST on trading volume that soared 54% to $48 billion.
This drop follows weaker-than-expected US jobs data. The 142,000 jobs added in August missed economists’ forecasts, though the unemployment rate ticked down to 4.2%.
The report has left investors uncertain about the Federal Reserve’s next move, with some expecting a quarter-point rate cut and others a half-point cut later this month.
Traders now await next week’s Consumer Price Index data for further insights.
Bitcoin Price Bearish – Is A Rebound Imminent?
The Bitcoin price has been on a downtrend and has finally crossed below the lower boundary of the falling channel pattern, breaching the $55,300 support zone, according to data from GeckoTerminal .
BTC still trades below both the 50-day and 200-day Simple Moving Averages (SMAs), which is an indication that the price of Bitcoin is still on a bearish trend.
Moreover, the Relative Strength Index (RSI) still trades within the oversold region, currently at 32, but shows signs of a rebound. The RSI also shows that BTC is currently undervalued and may be a buying signal for optimistic investors who wish to secure the asset at the lowest price.
If the bulls successfully stage a bullish trend reversal, the Bitcoin price could rebound, as they target $61,248.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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