Key Insights: – On Friday, bitcoin (BTC) ended a seven-day losing streak with a 3.08% gain to end the day at $23,319.- US economic indicators supported a bullish session, with US nonfarm payrolls easing market fears of a US economic recession.- Despite the bullish session, the Bitcoin Fear & Greed Index held steady at 31/100, with sentiment toward the Fed likely influencing.On Friday, bitcoin (BTC) rose by 3.08%.Reversing a 0.76% fall from Thursday, bitcoin ended the day at $23,319.The bullish session saw BTC end its seven-day losing streak.
BTC ended the day at $23,000 for the first time in four sessions.
A bullish start to the day saw BTC rise from an early low of $22,591 to a high of $23,474.Bitcoin broke through the First Major Resistance Level (R1) at $23,115 before sliding back to $22,758.However, a bullish end to the day saw BTC break back through R1 to wrap up the day at $23,219.
Market jitters over a US economic recession eased, with US nonfarm payrolls delivering support.An impressive 528k increase in nonfarm payrolls sent the US unemployment rate to 3.5%.
With wage growth holding steady at 5.2%, the numbers did raise the prospects of another hefty Fed rate hike in September.On Friday, the NASDAQ 100 slipped by 0.50% to end the week up by 2.15%.The correlation between the NASDAQ 100 and the crypto market remained in place, despite the NASDAQ’s Friday loss.Bitcoin Fear & Greed Index Holds at 31/100 Despite BTC Rally Today, the Fear & Greed Index held steady at 31/100.
The Index showed little response to the BTC return to $23,000 and the US nonfarm payroll numbers for July.While crypto market optimism delivered a $43.62 billion increase in total crypto market cap, the US stats raised the prospects of a hefty Fed rate hike in September.This likely contributed to the lack of movement in the Index.For the bitcoin bulls, the Index needs to move back towards 40/100 and the neutral zone to deliver BTC support.On July 30, the Index had stood at 42/100 to briefly border the neutral zone that starts at 46/100.Avoiding a return to sub-30/100 could prove BTC positive, with an Index move through to 46/100 likely to bring $30,000 into view.Bitcoin (BTC) Price Action At the time of writing, BTC was down 0.39% to $23,228.A range-bound start to the day saw BTC fall to an early low of $23,208 before rising to a high of $23,351.
Technical Indicators BTC needs to avoid the $23,125 pivot to target the First Major Resistance Level (R1) at $23,665.
BTC would need a bullish afternoon session to support a breakout from the Friday high of $23,474.An extended rally would test resistance at $24,000 and the Second Major Resistance Level (R2) at $24,011.The Third Major Resistance Level (R3) sits at $24,894.
A fall through the pivot would bring the First Major Support Level (S1) at $22,782 into play.In the event of an extended sell-off, BTC would likely test the Second Major Support Level at $22,247 before any recovery.
The Third Major Support Level (S3) sits at $21,362.Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal.
This morning, bitcoin sat above the 50-day EMA, currently at $23,079.The 50-day pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, the signals were positive for BTC.A hold above the 50-day EMA would support a run at R1 to bring $24,000 into play.
However, a fall through the 50-day EMA would bring the 100-day EMA, currently at $22,797, and S1 into play.Looking at the trends, BTC would need a move through the July high of $24,619 and $25,000 to target the June high of $31,956.A bullish cross of the 100-day EMA through the 200-day EMA would support a run at the June high.From $31,200, BTC should have a clear run at the May high of $40,004.BTC needs to hold above the 50-day EMA to support the near-term bullish trend.
For the bears, the June 18 low of $17,601 would be the next target, with a fall through the July low of $18,768 likely to test investor resilience..
