Bitcoin price was on track to close out the week down 2%


Bitcoin price increased 2% with average volume. Currently, near $23,000, the largest cryptocurrency by market capitalization was on track to close out the week down 2%. BTC’s move came on the heels of a surprisingly strong U.S. jobs report, spoken about in greater depth. At the time of writing, BTC is changing hands at $23,204.

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BTC/USD 4-hour chart | Source: TradingView

Bitcoin Price Falls Initially on US Jobs Report, Grinds Higher Later

Bitcoin’s immediate response to the positive data was to sell off briefly, before recovering throughout the day. Given the strength of the report, bitcoin investors may anticipate that the Federal Open Market Committee – the Federal Reserve’s monetary-policy panel – will maintain its elevated pace of interest rate increases, which could have a negative impact on asset prices.

Bitcoin has been moving back and forth along the line between $22,500 and $23,500 with bears increasing their efforts over today’s trading session. The cryptocurrency has seen an increase in selling pressure from BTC whales.

According to Material Indicators, shared by a pseudonym user, Bitcoin investors with selling orders of around $100,000 to $1 million have begun offloading their coins into the market.

As a result, BTC’s price has been losing momentum and could see further losses if these investors continue to exercise pressure over the coming days. An analyst at Material Indicators noted that investors with these orders (purple on the chart above) have had “the most influence over Bitcoin’s price”. These investors selling pressure is preceded by a reduction in bid liquidity. In other words, as Bitcoin whales started dumping, there are fewer buying orders which could operate as support in case of further losses.

At the time of writing, Bitcoin trades with a 2% profit in the last 24 hours and a 4% loss over the past week. In the top 10 by market cap, BTC is lagging while Ethereum, Binance Coin, Cardano, and Polkadot managed to remain in the green with profits over these periods. Altcoins pushed higher as well, as Polkadot’s DOT advanced 6.3%, while Avalanche’s AVAX increased 4.4%.

The overall cryptocurrency market cap stands at $1,100 trillion, and Bitcoin’s dominance rate is 40.3%.

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