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The Bitcoin price rose 0.5% in the last 24 hours to trade at $96,704 as of 11 p.m. EST on a 20% pump in trading volume to $56 billion.
This comes after the release of US Nonfarm Payrolls (NFP) data, which showed a weaker-than-expected job growth of 143,000 in January. This was below the 170,000 forecast and marked a decline from December’s revised 307,000 gain.
Despite this, wage inflation rose 4.1%, exceeding expectations and adding to inflationary concerns.
Non-Farm Payrolls for January: 143k
Prev: 307k (Revised)
Exp: 170k pic.twitter.com/fxbuNSiV1f— The Anti Advisor (@The_AntiAdvisor) February 7, 2025
Following the data, the US Dollar Index (DXY) edged up 0.15% to 107.85, with the dollar strengthening against the Swiss Franc by 0.37%, but showing mixed performance against other major currencies. The Federal Reserve’s rate policy remains in focus, with traders weighing the impact of inflation and potential rate cuts.
Bitcoin Price Continues Downtrend To Lower Boundary Of Consolidation
The BTC/USDT is currently trading at $96,671.21, reflecting a modest 0.17% gain in the past session. The price action shows that BTC is consolidating between key levels, with resistance around $99,120, forming a double-top pattern. This level has acted as a barrier to further upside, preventing BTC from breaking into a stronger bullish phase.
Meanwhile, support is seen near $92,949.46, where buyers may step in to defend against a potential decline. The market is at a critical juncture, and a breakout in either direction could define Bitcoin’s next major trend.
BTCUSDT Analysis Source: Tradingview
A successful breakout above $99,120 would signal strong bullish momentum, potentially driving BTC toward the target price of $107,934.09. This could set the stage for further upside, attracting more buying interest as traders look for confirmation of a sustained rally.
On the other hand, a failure to hold support at $92,949.46 may trigger a deeper pullback, with BTC possibly retracing towards $80,000 or lower. Given the recent price action, traders should prepare for increased volatility in the coming days.
Bitcoin Price Consolidates As RSI Signals Weak Momentum
The Relative Strength Index (RSI) is at 42.62, indicating weak momentum and indicating that sellers still have control. The RSI must break above 48.94 and ideally move beyond 50 to confirm a shift in market sentiment toward the bulls. Currently, BTC appears to be in a consolidation phase, with uncertainty dominating the short-term outlook. A strong price movement, accompanied by higher trading volume, would be necessary to confirm the next direction.
Traders and investors should closely monitor BTC’s interaction with these critical support and resistance levels. If BTC breaks above $99,120, it may indicate renewed bullish confidence, potentially leading to a breakout rally. However, a drop below $92,949.46 would signal a loss of support, increasing the risk of a downward move.
Best Wallet Presale Charges Toward $10 Million – Next Big Crypto?
Even as the Bitcoin price consolidates, investors are shifting their focus to Best Wallet (BEST), which has already surpassed $9.3 million in presale.
Best Wallet is an expansive digital asset management platform that provides users with everything they need to secure, manage, and grow their crypto holdings in a single app.
Supporting over 60 blockchains and their native tokens, it also allows users to import all their Web3 wallets, streamlining portfolio management.
Spot New Tokens Before the Crowd 🚀
Get exciting Alpha on upcoming projects with Best Wallet. Track new token listings, see your balances before claims, and manage everything in one place.
Stay ahead, stay ready. ⚡️
📲 https://t.co/he5kzra7TY pic.twitter.com/GIxFCWZH3S
— Best Wallet (@BestWalletHQ) February 1, 2025
By tracking assets across multiple wallets, users can optimize their portfolios and enhance earnings through various built-in features. The app offers in-app staking for passive income and a seamless swap feature for effortless trading, making it easy to switch between different cryptocurrencies.
Additionally, Best Wallet’s “Upcoming Tokens” feature helps users discover promising new cryptocurrencies in their early stages. This feature has already identified Catslap (SLAP) and Pepe Unchained (PEPU), which have both gone on to print huge gains for early buyers.
There is also an attractive 185% annual return on offer to anyone who buys and stakes BEST tokens.
Analyst and YouTuber Crypto Gains, with over 141K subscribers, predicts that BEST could grow 10X after its launch.
Selling for $0.0239, BEST can be bought with either crypto or bank card. Interested investors should buy before a price hike in about 11 hours.
Check out BEST here.
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Best Wallet – Manage Your Crypto
- Access DeFi and Web3 Dapps Across Multiple Chains
- Comes With Your Own OpenAI Powered Chat Bot Assistant
- Get Early Access to Upcoming Token Launches & ICOs
- Integrated Decentralized Exchange To Buy & Trade Crypto
- Store Crypto And NFTs With Industry Leading Security
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