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Benzinga
Benzinga
Business
Benzinga Contributor

Crypto Markets Eye US Employment Data

Marcus Sotiriou United Kingdom

Marcus Sotiriou, Analyst at the UK based digital asset broker GlobalBlock

Bitcoin (CRYPTO: BTC) was largely unaffected by the S&P 500 yesterday, which dropped 2.44%. This shows significant resilience from Bitcoin, as on-chain analyst Willy Woo notes that “Price in relation to on-chain demand from both speculative and HODL category of investors are now both at peak oversold levels.” He said “the last time this happened was October 2020. The time before that was at the bottom of the COVID crash. The time before that was Jan 2015 (the bottom of the 2014 bear market capitulation). And before that was Feb 2012 (at the start of the 2012-2013 bull run).” This data suggests that the market could be due for at least some short-term relief.

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