Bitcoin’s Price Drops Below $109 500

The following are key points.

• Bitcoin falls more than 2% in one day despite the US employment data.

• As a result, despite the fact that analysis predicts BTC’s next price rise, a large volume area is being used as support.

• The bullish market for gold has continued to be a major story, as it continues its dominance over crypto-assets and US stocks.

BitcoinBTCAfter Thursday’s Wall Street Open, the crypto market fell under $109,000 as US job data didn’t boost its value.

Bitcoin’s resistance to a new dip is not able to be broken.

Data from Cointelegraph Markets Pro You can also find out more about the following: TradingView BTC/USD losts passed 2% in the same day.

Bulls fail to flip the area around $112,000 to supportThe downside pressure continued despite the US employment numbers showing an easing labor market.

“$BTC got rejected from its major resistance level,” BitBull is a popular trading platform. confirmed In a comment on X.

“Until the $114K level is reclaimed on the daily timeframe, every BTC move will just be a bull trap. Also, the longer it’ll take BTC to reclaim $114K level, higher the chances of a big correction before reversal.”

You can also read about the advantages of using Cointelegraph reportedMany participants in the market believe that we will see another test of $100 support within the next few months.

Swissblock has highlighted the positive aspects of crypto markets. “critical support” The area with the highest trading volume is now at $110,000. The resistance to the downside was thinned, it told X Followers on the Day

“Bitcoin is breaking out from the critical zone: a straight slide to $100K was never the base case. The wall resisted, until now,” Post stated. 

“Above, there is the $113.6K–$115.6K gate. After a pullback, price needs fresh momentum to clear it, then contend with heavy resistance into $118K.”

Crypto and stocks lose out to gold

As a result, the macro-picture favored stocks, as the Federal Reserve’s odds increased due to the weakening of labor market indicators cutting interest rates 17 September

Related: Bitcoin bear market due in October with $50K bottom target: Analysis

Despite rising inflation however, Mosaic Asset was still cautious. It warned that this month’s Fed cut could be its only one.

“While odds for a rate cut appear locked in (pending no huge upside surprise in August payrolls), the Fed could still be facing a “One and done” scenario on reducing rates,” In its most recent “Mosaic Chart AlertsUpdate on the Day 

“That’s because of evidence that inflationary pressures continue building with inflation-sensitive areas of the capital markets moving higher.”

The Kobeissi, or Mosaic Assets and Trading Resources is the reference to this resource. ongoing gold breakoutThe crypto market has taken a beating in the wake of this bull run, with stocks falling and cryptocurrency lagging behind.

“It’s a combination of market pricing in higher long-term inflation and more deficit spending,” Kobeissi wrote about it in an X-thread on Wednesday.

“And, adding fuel to the fire, deficit spending is flooding the US Treasury market with supply. Gold has become the GLOBAL safe haven asset.”

The information in this article is neither investment advice nor a recommendation. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.