The Bitcoin (BTC) price appears to be making a pit stop and is turning slightly negative. At the same time, many altcoins are enjoying a solid green phase. Ethereum (ETH), Solana (SOL), and Cardano (ADA) have all made major upward moves. In this morning update we will inform you about the current state of affairs in the crypto market.
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Bitcoin price falls below $44,000
First, let’s take a look at the Bitcoin price. Bitcoin has been consolidating since Wednesday after rising enormously in the previous days.
On December 5th, just before midnight, Bitcoin reached its all-time high of just under $44,500 and has been recovering ever since. However, while the price initially hovered largely around the $44,000 mark, it fell sharply yesterday morning, reaching just over $43,000. At the end of the afternoon, Bitcoin tried again to rise above $44,000 but failed to go further than $43,860.
The price has been around $43,500 for some time now, just above its support level at $43,400. If this price level is lost, $42,400 is the next level Bitcoin can aim for. On the way higher, it is important to keep an eye on the high of $44,488.
At the time of writing, the BTC price on the Bybit crypto exchange is $43,357. On the Dutch crypto exchange Bitvavo, the BTC price in euros is 40,214. Compared to 24 hours ago, BTC is down 1.04 percent.
BTC dominance is decreasing, the major cryptos are rising rapidly
Bitcoin’s dominance or BTC’s market share in the crypto market has fallen significantly below an important support level. Several altcoins are currently surging, while Bitcoin has fallen slightly.
#BTC Dumb. Looks like a false breakout at the moment
It would have to close above support to avoid this; currently below pic.twitter.com/je91LqdnK0
– Matthew Hyland (@MatthewHyland_) December 7, 2023
For example, Ethereum and Cardano are up 5.02 and 4.82 percent, respectively, in the last 24 hours. Solana (SOL) is by far the absolute winner among the top 10 crypto coins, with an increase of 13.48 percent over the same period.
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Bitcoin today: important data on the US labor market
Today at 2:30 p.m. several key indicators will be presented that paint a picture of the current state of the US labor market.
First, the average hourly income is published. This indicator measures labor cost inflation. An increase of 0.3 percent is expected, compared to 0.2 percent in the previous month.
Non-agricultural payrolls are also published. An increase of 180,000 jobs is expected. Last month the increase was 150,000.
Finally, the unemployment rate is divided. A rate of 3.9 percent is expected, which would remain unchanged in November.
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