The Bitcoin price is regaining bullish momentum over today’s trading session, retracing the losses seen early in the week. Once again, the cryptocurrency is under the influence of macroeconomic forces working in its favor for the first time in months. Related Reading: Shiba Inu Off To Weak Start This November As SHIB Faced Selling Pressure In Last 7 Days At the time of writing, the Bitcoin price trades at $21,000 with a 4% profit in the last 24 hours and seven days, respectively. Other cryptocurrencies in the crypto top 10 are displaying similar strength, with Binance Coin (BNB) and Dogecoin (DOGE) leading the altcoin rally. Bitcoin Price Barrels Through Resistance Levels Data from Material Indicators show a spike in buying pressure from investors with orders of about $100,000. These Bitcoin whales are positively reacting to today’s U.S. economic data, which signals a slowdown in this country’s job market. An analyst at Material Indicator said: Unemployment came in at 3.7% which is 0.2% higher than forecasted and BTC whales see it as a sign that FED rate hikes may be working. Note, that one month’s report doesn’t make a trend, but right or wrong, this market reacts to every data point. As reported by NewsBTC, the U.S. Federal Reserve (Fed) is trying to mitigate inflation in the dollar. The financial institution is implementing a monetary tightening program by hiking interest rates and reducing its balance sheet. Fo...
