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BTC price movement is in familiar terrain as experts debate the actual meaning of payroll data that exceeded expectations. Bitcoin (BTC) had a new rejection at the $23,500 barrier on August 5 as U.S. markets failed to react positively to unexpectedly robust payroll statistics.
Cointelegraph Markets Pro and TradingView data tracked BTC/USD as bears maintained the intraday trading range. Wall Street began with a whimper even though U.S. payrolls for July were twice as high as anticipated. In response to this peculiar reaction, some observers said that the data did not indicate economic strength but rather that existing workers took on second jobs owing to inflation.
"As the labor force participation rate decreased to 62.1 percent in July, the majority of the 528K new positions went to those who already had work," Peter Schiff, a gold bull, remarked. "Declining actual earnings lead many workers to moonlight to make ends meet. If the labor market were robust, a single job would suffice."
Schiff was not alone in his skepticism of the state of employment; Wealthion CEO Adam Taggart was also skeptical.
Meanwhile, Hayman Capital Management’s chief investment officer, Kyle Bass, recalled the Federal Reserve’s optimism over employment in the years preceding the 2008 Global Financial Crisis.
Thus, both the S&P 500 and the Nasdaq Composite Index began the day with slight losses before a relief rally began, while Bitcoin rebounded from a drop below $23,000 to retarget range highs at the time of writing.
“Short-term adjustments are conceivable, but the trend is up. Looking fairly healthy on Bitcoin’s longer timescales,” Cointelegraph contributor Michal van de Poppe said.
Despite this, statistics from Binance’s order book caused considerable alarm over whale behavior. Maartunn, a contributor to the on-chain analytics site CryptoQuant, cautioned that one organization was likely seeking to exit its holdings entirely at current levels.
Historically, the purple class of whales has had the most impact on the Bitcoin price, according to the monitoring site Material Indicators, which provided the data.
In the face of multiple rejections above $24,500, Bitcoin traders considered the potential of a fresh leg down.
Well-known trading account Profit Blue viewed $20,000 as the next significant level of interest if the decline were to continue. “$BTC Removed the lows and liquidity that had accumulated below $22.6K, “Daan, a fellow merchant, continued.
“The nearest downside liquidity is now located at the highest volume node below $21,000. On the upside, though, these levels are significantly closer, ranging from $23,600 to $24,700. I believe the direction to be favorable.”
Daan remarked that cryptocurrencies were “underperforming the rest of the markets this week” but that this trend might shift.