Bitcoin (BTC) slowly slipped towards the lower end of its range late yesterday afternoon Range. We were spared a real carnage because the price rose again in the evening. We have now regained a key resistance level and hence this morning update is helpful. We take a look at the current state of play, key economic data for today, and last night’s top crypto news.
Bitcoin price remains strong
First, the Bitcoin price will be discussed. As mentioned earlier, Bitcoin started a decline yesterday afternoon that ended in the early evening. Having hit $25,400, the price made an upward move to a high just below $26,000. This returned to the old range of $25,800-$26,200.
At the time of writing, BTC is priced at $25,801 on crypto exchange Bybit. On the Dutch crypto exchange Bitvavo, the Bitcoin price in euros is 24,062.
If bitcoin breaks its 25,300 support level, $24,800 lurks. The latter was that too low in June, after which the price skyrocketed.
Good chance #BTC will soon surpass the previous low ($24.8k).
After breaking this low, it is possible for BTC to see a recovery rally towards the death cross.
However, any surges would likely be short-lived and result in lower highs.
BTC is likely to be in a downtrend for the rest of the year pic.twitter.com/pcIrJl7BH7
— Benjamin Cowen (@intocryptoverse) September 6, 2023
Bitcoin Today: Unemployment Claims
As previously mentioned, Bitcoin is currently trading at an important price level. A convincing move could be forthcoming today as key economic data is released from the United States.
First, at 2:30 p.m., the first applications for unemployment benefits will be announced. As the name suggests, it is a measure of the number of people applying for unemployment benefits for the first time.
Last week the total was 232,000 but this week the expectation is 235,000. The worrying numbers of 300,000 or more are currently out of reach. Nevertheless, it paints a picture of developments on the American labor market.
In addition, crude oil stocks will follow at 5:00 p.m. Inventory levels affect the price of oil products, which in turn affects inflation.
Crypto news from last night
While you’re lying on one ear, quite a bit has been happening in crypto land. Here we briefly review the most important developments.
First, the CBOE filed two 19b-4 applications with the United States Securities and Exchange Commission (SEC) asks for a seat exchange traded funds (ETF) for Ethereum (ETH) on the US market. The American investment company Ark Invest and 21 Shares, as well as the financial services company VanEck, want to launch an Ether Spot ETF together.
VanEck had previously filed what is known as an S-1 filing in 2021, indicating a company’s intention to list a particular investment product on a stock exchange.
In addition, bankrupt Genesis Global Capital has filed a lawsuit against its parent companies Digital Currency Group (DCG) and Digital Currency Group International (DCGI). Genesis is requesting repayment of multiple loans totaling more than $600 million.