BTC/USD Elementary Outlook: Bitcoin, Ether & Cardano Boosted by NFP – DailyFX

Bitcoin, Ethereum, Cardano Outlook: Neutral

US employment data smashes estimates easing recession fears, Bitcoin, Ethereum and Cardano edge higher

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) have remained steady while price action attempts to reclaim key levels.

With global central banks implementing quantitative tightening measures to tame elevated price pressures, a positive US NFP (non-farm payroll) report has exceeded expectations by a large margin (528,000 jobs vs an estimated 250,000).

A tight labor market that has returned to pre-pandemic levels in an environment of decade-high inflation sets the stage for another 75-base point rate hike to be announced at the September FOMC meeting.

Visit DailyFX Education to learn about the role of central banks in global markets

ace US Federal Reserve (Fed) remains committed to achieving the objectives of their dual mandate (to achieve a 4% unemployment with an inflation target of 2%), a wide variety of factors have influenced the trajectory for cryptocurrency.

BTC, ETH, ADA and XRP Vulnerable to Regulations

However, despite heightened recession fears, contractionary monetary policy and an ongoing war, Bitcoin has temporarily secured a position above $22,000 in an attempt to reclaim the $24,000 psychological level while Ethereum edges towards $1,800.

Although robust economic data and better than expected earnings, volatility remains low, limiting the upside move. Meanwhile, the collapse of several major market players within the crypto sphere (Terra, Celsius and Three Arrows Capital) have once again caught the attention of the SEC (securities exchange commission) and other global regulators.

Bitcoin, Ethereum & Alt-Coins: A Brief History of Crypto Winters

For the week ahead, major risk events that could provide an additional catalyst for the short-term move include US CPI, PPI and Michigan Consumer sentiment as investors continue to monitor geopolitics.

DailyFX Economic Calendar

With that being said, a few technical levels that remain on the radar for Bitcoin on the upside include the $24,000 handle with a break above paving the way for the 100-day moving average which currently provides additional resistance at $25,945.

Bitcoin daily chart

BTC/USD Fundamental Outlook: Bitcoin, Ether & Cardano Boosted by NFP

Source: TradingView, Chart by Tammy DaCosta

In contrast, a break of the range below $22,000 could bring $20,000 into play with the next level of support holding at $18,000.

Ethereum (ETH/USD) daily chart

BTC/USD Fundamental Outlook: Bitcoin, Ether & Cardano Boosted by NFP

Source: TradingView, Chart by Tammy DaCosta

For Ethereum, support and resistance continue to hold at the 50 and 100-day moving average (MA) at $1,336 and $1,668 with the potential of driving prices in either direction.

— Written by Tammy Da Costa, Analyst for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

element inside the element. This is probably not what you meant to do! Load your application’s JavaScript bundle inside the element instead.


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Large Eyes Coin Surpasses $3 Million in Stage 2 Presale!  Will the meme coin be within the high 10 alongside BNB and Cardano?  – Euro Weekly Information Cardano

Large Eyes Coin Surpasses $3 Million in Stage 2 Presale! Will the meme coin be within the high 10 alongside BNB and Cardano? – Euro Weekly Information

Big Eyes is the new meme coin on the scene, and judging by the...

By Roger Gofman
Cardano [ADA] Holders going lengthy this week ought to learn this – AMBCrypto Information Cardano

Cardano [ADA] Holders going lengthy this week ought to learn this – AMBCrypto Information

Cardano [ADA] is about to end the month with an overall declining performance despite...

By Roger Gofman
Psychic Predictions: Cryptos, Shares, Cardano, Shiba Inu, Terra Luna Traditional and extra – BeInCrypto Cardano

Psychic Predictions: Cryptos, Shares, Cardano, Shiba Inu, Terra Luna Traditional and extra – BeInCrypto

Clairvoyant predictions have been around as long as humans have existed. Especially in times...

By Roger Gofman
Cardano is approaching the make-or-break level – Crypto Briefing Cardano

Cardano is approaching the make-or-break level – Crypto Briefing

The central theses Cardano remains flat and trades within a narrow price range. This...

By Roger Gofman
How Genius Yield ISPO makes use of Cardano’s distinctive Proof-of-Stake structure: Interview with the Genius Yield Crew – U.Right now Cardano

How Genius Yield ISPO makes use of Cardano’s distinctive Proof-of-Stake structure: Interview with the Genius Yield Crew – U.Right now

Arman Shirinyan The Genius Yield team uses everything Cardano offers to increase the efficiency...

By Roger Gofman
Cardano (ADA) begins buying and selling on Japanese bitbank alternate – U.Immediately Cardano

Cardano (ADA) begins buying and selling on Japanese bitbank alternate – U.Immediately

Alex Dovbnya Another Japanese exchange is on the way to supporting the cryptocurrency Cardano...

By Roger Gofman
Polkadot (DOT) and Kusama (KSM) lead Cardano (ADA) on this metric, crypto analytics agency Santiment says – The Day by day Hodl Cardano

Polkadot (DOT) and Kusama (KSM) lead Cardano (ADA) on this metric, crypto analytics agency Santiment says – The Day by day Hodl

Polkadot (DOT) and Kusama (KSM) led the crypto market in terms of development activity...

By Roger Gofman
Cardano Backlash Happens for Daedalus Turbo Pockets Funding, Here is Why – U.As we speak Cardano

Cardano Backlash Happens for Daedalus Turbo Pockets Funding, Here is Why – U.As we speak

Tomiwabold Olajide Cardano announces fund winners, but the community isn't happy with a specific...

By Roger Gofman

Latest Posts

Dogecoin Worth Prediction: Anticipate a Low cost on Wall Avenue – FXStreet Dogecoin

Dogecoin Worth Prediction: Anticipate a Low cost on Wall Avenue – FXStreet

Dogecoin price is floating at the bottom of a range. The strongest bullish candles...

By Roger Gofman
Software program and Bounded Rationality Ethereum

Software program and Bounded Rationality

One of the key properties that is usually sought for in a cryptoeconomic algorithm,...

By Roger Gofman
Bitcoin Crashes On Inflation Information! [More Pain Coming?] Videos

Bitcoin Crashes On Inflation Information! [More Pain Coming?]

Bitcoin crashes on inflation news, will crypto fall more? [Crypto News] BYBIT 0% Maker...

By Roger Gofman
Large Eyes Coin Surpasses $3 Million in Stage 2 Presale!  Will the meme coin be within the high 10 alongside BNB and Cardano?  – Euro Weekly Information Cardano

Large Eyes Coin Surpasses $3 Million in Stage 2 Presale! Will the meme coin be within the high 10 alongside BNB and Cardano? – Euro Weekly Information

Big Eyes is the new meme coin on the scene, and judging by the...

By Roger Gofman
CryptoCompare and Blockdaemon Launch 5 Staking Yield Indices – FinanceFeeds Polkadot

CryptoCompare and Blockdaemon Launch 5 Staking Yield Indices – FinanceFeeds

“The CryptoCompare Blockdaemon Staking Yield Indices have created a new standard for digital asset...

By Roger Gofman
Hingham Excessive women’ soccer stays undefeated after defeating Hanover – The Patriot Ledger Stellar

Hingham Excessive women’ soccer stays undefeated after defeating Hanover – The Patriot Ledger

HINGHAM - There are two sides to every coin.That's a good way to describe...

By Roger Gofman
How Binance Sensible Chain (BNB) Generates Income – Bitcoin Market Journal Binance

How Binance Sensible Chain (BNB) Generates Income – Bitcoin Market Journal

As the internal blockchain of Binance, the world's largest cryptocurrency exchange, BNB Chain is...

By Roger Gofman
Moshnake is conquering the gaming trade, following the sandbox and Dogecoin |  Bitcoinist.com – Bitcoinist Dogecoin

Moshnake is conquering the gaming trade, following the sandbox and Dogecoin | Bitcoinist.com – Bitcoinist

The gambling industry is an exciting subset of cryptocurrency. With NFTs and Metaverse, this...

By Roger Gofman