Bitcoin rally pauses at $23,400 as investors digest better-than-expected jobs data

2 Min Read
Dustin Warren
Content Writer

                  Bitcoin (BTC) took a well-deserved break from its feverish push higher on Friday after the first month of 2023 saw the best performance from the top crypto since 2013, stoking optimism among the crypto faithful and helping to put the disaster that was 2022 in the rearview mirror.

Many analysts interpreted the pause in BTCs climb higher as a good sign as no market goes up indefinitely, and regular corrections and consolidation periods are part of a healthy market cycle.

Stocks largely traded sideways for the first half of the day but fell under pressure in the afternoon after government data showed more than half a million jobs were added in January, which put a damper on hopes that the Fed would pause any further interest rate hikes. The S&P, Dow and Nasdaq all closed the day lower, down 1.04%, 0.38%, and 1.59%, respectively.

Data provided by TradingView shows that Bitcoin price oscillated between a low of $23,215 and a high of $23,725 in trading on Friday, with bulls and bears duking it out at the $23,400 support level at the time of writing, a decline of 1.35% on the daily chart.


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