#BTC

The last bullish hurray? This week welcomes Powell’s testimony and non-farm payrolls report. Will the currency price target the 70,000 mark in the future?

Last week, the currency price exploded wildly. At the beginning of the week, the overall price remained volatile around 51,000. On Thursday, under the PCE data that the general environment was in line with expectations and various institutions entered the market one after another, it once rose to the 64,000 mark, recording the largest price in a single week. The increase will challenge the previous high again on Monday this week! The currency price has entered a crazy stage! Federal Reserve Chairman Powell will release his semi-annual monetary policy report this week. Powell will testify before the House Finance Committee and the Senate Banking, Housing, and Cities Committee on the 3rd and 4th respectively. Non-agricultural market will be profitable on Friday! If non-farm payrolls growth declines significantly, below 150,000, it could cause investors to reassess the possibility of a rate cut in May and trigger an immediate sell-off in the U.S. dollar. On the other hand, a jobs figure approaching 200,000 may be enough to convince the market that the labor market is healthy enough for the Fed to delay the policy shift until June. In this case, the dollar has more upside. It will also have a corresponding impact on the currency price! In addition, as the March 15th holiday approaches, coins are often the target of verbal and written criticism from China! It should be noted that there has been a certain retracement phenomenon during this period in history!

Daily level: Needless to say, the indicators all show signs of bullishness and the currency price has entered a mad bull irrational run! Pin up and down frequently! The monthly, weekly and daily strength indicator RSI has entered the overbought zone! The market has entered an extremely greedy zone! The market outlook is expected to challenge the historical high of 69,000