Analysis: Powell's speech on Monday and the non-farm employment data on Friday may influence the future trend of the cryptocurrency market
Rachael Lucas, a crypto analyst at BTC Markets, said, "Bitcoin appears to be overbought on the daily chart. The price began to fall after reaching a high of $66,498 last Friday and momentum has weakened since last week." Lucas pointed out that Ethereum also faces challenges in regaining momentum. After breaking through the 50-day simple moving average last week, Ethereum lost its momentum. According to TheBlock's Ethereum price page, Ethereum fell by 1.69% in the past 24 hours and is currently trading at $2,626. Meanwhile, investors are focusing on two key macroeconomic events this week: Federal Reserve Chairman Powell's speech at the National Association for Business Economics on Monday and the U.S non-farm employment data report released on Friday. Lucas stated,"Powell's comments especially those about inflation and interest rates often affect markets including cryptocurrencies. Any hawkish tone could further exacerbate risk-off sentiment leading to today’s decline."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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