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August 5, 2022

Bitcoin (BTC) Market Update 08/05

On August 5, Bitcoin (BTC) market saw a new rejection at the $23,500 resistance level. This occurred as United States stocks were unable to embrace unexpectedly good payroll statistics.

As the market remained inside its intraday trading range, data from Cointelegraph Markets Pro and TradingView tracked BTC/USD. Bears maintained the market in this range.

Despite the fact that U.S. payrolls for the month of July came in at double the projected levels, Wall Street began with a whimper. The peculiar response led some observers to argue that the data did not really reflect that the economy was strong; rather, they indicated that current employees were taking on second jobs as a result of inflation.

“The addition of 528K jobs in July suggests that the majority of the new jobs went to those who already had work,” gold bug Peter Schiff commented. “Since the labor force participation rate decreased to 62.1, this means that most of the new jobs went to people who already had jobs.”

“As real earnings continue to fall, many people are forced to take on additional jobs in order to make ends meet. If the employment market were robust, a single position would be sufficient.
Schiff was not the only one to have concerns over the current situation of employment; Wealthion CEO Adam Taggart was one of the individuals who voiced their mistrust.

In the meanwhile, Kyle Bass, chief investment officer at Hayman Capital Management, remembered the Federal Reserve’s optimistic stance on employment in the years leading up to the Great Financial Crisis of 2008.

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Bitcoin market has bounced back from a drop below $23,000 to retarget range highs as of the time this article is being written. Meanwhile, the S&P 500 and the Nasdaq Composite Index both started the day off with a little loss until a relief rally entered the picture.

Traders of Bitcoin, in the meanwhile, were considering the likelihood of a new leg down as the price continued to be rejected at $24,500 many times.