The head of the Federal Reserve Jerome Powell will testify on the Semiannual Monetary Policy Report on Tuesday and Wednesday
Bitcoin is approaching $10,000 mark
Bitcoin is currently climbing up towards the mark $10,000 right after a series of abrupt dips throughout the beginning of 2018, when it lost nearly half of its market value.
The cryptocurrency’s price gained 2.13% at the time of writing being worth $9,680.18, although earlier in the day it went up to $9,961, as follows from Coindesk's aggregate index.
As some financial analysts point out recent price action has appeared to be a sort of bullish.
Bitcoin has managed to overleap a major short-term resistance zone in the band of $9,000-$9,250. The given area has become the asset’s support. Well, as long as bitcoin’s price hovers over this area the short-term tendency would still be bullish, financial experts explained.
There’s such a point of view in the market that going up above $10,000 level would appear to be a considerable milestone for the crypto asset. There’s no doubt it would mark the end of the recent sell-off.
A break back above a crucial psychological level, and a mark, which only a couple of weeks ago was considered to a crucial support zone – might point to an end to the sell-off in this most popular digital asset, and also among other cryptocurrencies. It feels like another more impressive ascend will take place soon.
In November 2017, Bitcoin first overleapt the $10,000 mark. However, a bit later, already in December the leading cryptocurrency grasped its all-time enormous peak of almost $20,000.
Besides this, experts reminded of Bitcoin's unpredictable nature. They emphasized that the $10,000 mark could stand for the beginning of another round of selling. They added whether it takes place or not might depend on whether we are able to face a period of minor dismal news flow, including January offering an unstoppable stream of it that put pressure on digital assets.
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.
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