Non-farm and unemployment data prompted the Air Force, Arthur Hayes is bearish on Bitcoin
Recently, the cryptocurrency market has continued to maintain a downward trend. From August 26 to date, the price of Bitcoin has plummeted by nearly 10,000 points. At 3 pm on August 6, the price of Bitcoin plummeted by more than 1,000 points from $56,439 to a low of $55,280 before rebounding.
Arthur Hayes predicts Bitcoin will fall below $50,000 this weekend
Against the backdrop of such depressed market sentiment, BitMEX co-founder Arthur Hayes tweeted on social platform X today predicting that Bitcoin will fall below $50,000 this weekend:
Bitcoin is heavy! My goal for this weekend is below $50k. I am shamelessly short. Pray for my soul because I am a degen.
In addition, according to alternative.me data, the cryptocurrency fear and greed index reached an "extreme fear" level of 22 points today, the lowest score since it hit 20 points on August 8, indicating that the crypto market is being controlled by fear.
Analyst: Key support broken, could quickly fall below $50,000
On the other hand, well-known cryptocurrency analyst Elja Boom tweeted on the 4th that if Bitcoin fails to hold the key point of $54,000 in the near future, it may quickly fall below $50,000:
Bitcoin's short-term uptrend ends!
Bitcoin is currently expected to remain stable in the $54,000-$54,500 range, otherwise the price may return to the $50K level again.
Interestingly, Bitcoin’s decline is mainly concentrated in the first five days of each month. This phenomenon has already occurred in July and August, and now it is also happening in September!
In addition, crypto analyst Ali also tweeted on the 4th that if Bitcoin falls below the $51,000 support level, it may fall further to $40,600:
On Bitcoin’s two-month chart, the “TD Sequential Indicator” issued a sell signal, signaling a pullback. If support at $51,000 breaks, $BTC could drop to $40,600!
Non-farm payrolls and unemployment data become Bitcoin killers
However, not all analysts are bearish on the market. Cryptocurrency analyst CrypNuevo tweeted on the 5th that if the non-farm payrolls and unemployment rate data released last night (6) were good, Bitcoin would have a chance to break through $60,000. But in fact, the data released last night and the market crash overnight both disappointed everyone.
The Bitcoin ($BTC) liquidation heat map shows:
In the liquidation heat map of the past 7 days, some liquidations are concentrated between $60,000 and $60,200.
While it may seem difficult, it is possible that we could reach this price range if the labor market data released tomorrow is good. This is a key day for markets as they look forward to the outcome of the next Federal Reserve Open Market Committee (FOMC) meeting.
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