On Feb. 7, U.S. officials reported that the economy added 143,000 jobs in January, undershooting expectations and signalling a potential cooling in the labour market. Meanwhile, Bitcoin and other digital assets are benefiting from favourable policy developments, including progress on stablecoin legislation, bolstering optimism for a sustained bullish trend. In response to the employment data, Bitcoin surged to $100,000 at the Wall Street open, as risk assets found relief in the weaker-than-expected job growth. The reported figures fell short of the 169,000 forecasts and lagged behind trader estimates on predictive platforms.
At the time of writing, BTC was trading at $96,635.
BTC is struggling to sustain itself at higher levels than $105K. The asset witnessed a sharp correction after making a new all-time high of $109,588. The prices fell almost by 16.5% making a low of $91,231 today. BTC has taken support multiple times at $90,000 and last week too, it bounced from the same levels. $105,000 to $110,000 will act as a strong resistance, whereas $90,000 to $85,000 will act as a strong support for the asset. Breakouts on either side of these levels with good volumes will further decide the trend for the asset.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $85,000 | $90,000 | BTC | $110,000 | $125,000 |
Unravel everything that you need for your crypto journey via ZebPay blogs. Get started today and join 6 million+ registered users on ZebPay!
