On Tuesday, Bitcoin (BTC) gained 0.70%. BTC partially reversed the 0.89% loss from Monday, ending the day at $17,094. A bullish session saw BTC end the day at $17,000 for the fourth time in seven sessions.
A mixed morning saw bitcoin climb to an early morning high of $17,109 before retreating. BTC failed to reach the first major resistance level (R1) at $17,312, and fell to the morning low of $16,908. However, avoiding the first major support level (S1) at $16,762, BTC found late support to return to the day’s high of $17,109 from before the easing.
The calm economic calendar left the NASDAQ stock exchange to guide investors
After last Friday’s jobs report and Monday’s ISM non-manufacturing PMI, uncertainty about the Fed’s monetary policy resurfaced.
High inflation, strong labor market conditions including accelerated wage growth, and increased service sector activity support FOMC hawkishness and delays in the expected Fed pivot.
US economic indicators had a muted impact on the dollar and Nasdaq on Tuesday. But rising bets for another optimistic Fed rate hike left the Nasdaq down 2.00% for the session.
In the last hour (UTC), NASDAQ started the mini session in positive territory, supporting a reversal of previous losses by BTC and ETH.
Today, US economic indicators may attract more attention, with focus on unit labor costs and non-farm productivity numbers. Upward revisions to unit labor costs will further call into question the Fed’s pivotal theory.
Barring a crypto event, we expect the NASDAQ Composite to continue to guide BTC and ETH. However, organizer chats and updates on FTX should be monitored.
This morning the Nasdaq mini index rose 24.75 points, with the S&P 500 up 7.25 points.