Bitcoin, Ethereum, Dogecoin Pull Back As Market Pins Hopes On Key Jobs Data To Push King Crypto To New ATH
Portfolio Pulse from Aniket Verma
Leading cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, retreated as investors awaited key U.S. labor market data. Bitcoin faced resistance at $71,500, while Ethereum dropped below $3,850. The market is anticipating the nonfarm payrolls report, which could influence future rate cuts by the Federal Reserve.
June 07, 2024 | 2:05 am
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NEGATIVE IMPACT
Bitcoin faced resistance at $71,500 and retreated below $71,000. The market is awaiting the nonfarm payrolls data, which could influence future rate cuts by the Federal Reserve.
Bitcoin's price retreat and the anticipation of key labor market data suggest a cautious market sentiment. The outcome of the nonfarm payrolls report could significantly impact Bitcoin's price direction.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin retreated by 1.64%, with its price at $0.1604. Investors are cautious ahead of the nonfarm payrolls data.
Dogecoin's price decline reflects a cautious market. The nonfarm payrolls report could impact its short-term price direction.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Ethereum experienced strong selling pressure, dropping below $3,850. The market is closely watching the nonfarm payrolls data for potential impacts.
Ethereum's price drop indicates bearish sentiment. The upcoming nonfarm payrolls report could further influence its price movement.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 100