The head of the Federal Reserve Jerome Powell will testify on the Semiannual Monetary Policy Report on Tuesday and Wednesday
Bitcoin heads north, trying to dodge back-to-back losing weeks
On Friday, Bitcoin prices managed to leap due to the fact that bullish traders are trying to dodge consecutive losing weeks in the financial markets, which have faced up to five weekly losses out of last six.
As a matter of fact, the currency pair BTC/USD ended up with $6,369.84, heading north by up to 0.3% on the Kraken cryptocurrency exchange.
Additionally, while the medium as well as long-term trend is still descending, data drops a hint that retail investors haven't given up yet.
According to retail trader data, up to 82.6% of market participants appear to be net long with the ratio of investors long-to-short at about 4.76 to 1. Eventually, the total number of market participants net-long rallied by up to 0.7% from yesterday and also diving by 2.9% from the previous week. Meanwhile, the number of investors net-short declined by 2.7% from yesterday and also inched down by 0.5% from the previous week.
Market experts told that they are used to taking rather a contrarian view to market sentiment, and the very fact that investors are net-long drops a hint that Bitcoin prices kight keep diving.
Apart from that, altcoins, which are any crypto assets except Bitcoin, managed to outperform in general. The currency pair ETH/USD rallied by 1.5% ending up with $200.14. As for BCH/USD, this currency pair inched up by up to 9.3% coming up with a reading of $461.50. The currency pair LTC/USD tacked on by 0.25% ending up with $51.40, while XRP/USD surged by 0.6% showing 46 cents.
As for Bitcoin futures, they concluded the week on an upbeat note. Eventually, November delivery Cboe Global Markets November futures XBTX8 surged by 0.6% being worth $6,347.50. Additionally, November delivery CME Group futures BTCV8 soared by 0.5% reaching $6,345.
The United States will publish the non-farm employment change, also known as non-farm payrolls (NFP) at 15:30 MT time on February 7.
The level of non-manufacturing PMI for the United States by the Institute of Supply Management will be published at 17:00 MT time on February 5.
The Federal Open Market Committee will publish its meeting minutes on February 19, at 21:00 MT time.
Will coronavirus continue keeping the markets in fear? What releases should we wait for? Find out in the news!
Tesla stock drops in premarket trades on Thursday. Why? See the article (it's short) and use it to your advantage.