Bitcoin (BTC/USD) continues to face bearish pressure ahead of key U.S. economic data releases, including Non-Farm Employment Change, forecasted at 164K, and the Unemployment Rate, expected at 4.2%.
These figures, along with Average Hourly Earnings growth at 0.3%, could influence market sentiment and Federal Reserve policy decisions. Bitcoin is currently trading within a descending channel, testing key support at $55,238. A break above the pivot point of $56,726 could signal a bullish shift, but the overall outlook remains cautious amid broader economic uncertainty.
The Crypto Fear & Greed Index dropped to 22 points, marking its first return to “extreme fear” since August.
Bitcoin’s price recently hit $56,000, sparking concerns of “extreme fear” in the cryptocurrency market.
