Crypto Market Reacts to Jobs Report
The crypto market traded flat to end the work week as the latest jobs report came in below expectations. However, the fact that more than 200,000 jobs were added while the unemployment rate declined and wages continued to rise was a signal to investors that the Federal Reserve is likely to move forward with additional interest rate hikes.
Stocks Finish Lower Amid Economic Headwinds
Stocks were in the green for the majority of the trading day but began to lose momentum as the closing bell approached. Investors remain hesitant to go all-in due to multiple economic headwinds. At the market close, the S&P, Dow, and Nasdaq all finished in the red, down 0.29%, 0.55%, and 0.13%, respectively.
Bitcoin Faces Support Test
Data provided by TradingView shows that Bitcoin (BTC) bears made an attempt to break the support at $30,000 in the early hours on Friday. However, bulls rallied and pushed Bitcoin back above the support level in afternoon trading. Bitcoin futures prices also traded lower in early U.S. trading, indicating a slight loss of strength for the bulls.
Market analysts suggest that a dip into the ~$29,250 level is more likely at this time if Bitcoin’s mini-parabola flips into new resistance. From a macro perspective, Bitcoin bulls need to hold $25,000 to sustain the bullish narrative.
Altcoin Market Performance
The altcoin market had a mixed day, with the top 200 tokens evenly split between winners and losers. Notable winners included Ocean Protocol (OCEAN), Bone ShibaSwap (BONE), and Verge (XVG), while NMY (NMY), MobileCoin (MOB), and Frax Share (FS) recorded losses.
The overall cryptocurrency market cap now stands at $1.18 trillion, with Bitcoin’s dominance rate at 49.9%.