Bitcoin (BTC) Struggles Near $56,000 as Markets Await U.S. Jobs Report and NFP Data

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.

Bitcoin Market Faces “Extreme Fear” as Arthur Hayes Predicts Drop Below $50K

Bitcoin’s price recently hit $56,000, sparking concerns of “extreme fear” in the cryptocurrency market. Arthur Hayes, co-founder of BitMEX, predicted that Bitcoin could fall below $50,000 over the weekend.

The Crypto Fear & Greed Index dropped to 22 points, marking its first return to “extreme fear” since August.

Bitcoin has lost 3.13% in the past 48 hours, wiping out over $29.7 billion in market value. Although the price dipped to $55,628, it has recovered slightly to $56,738.

This decline is partly driven by concerns over the U.S. economy and weak job data, which could affect Federal Reserve policies.

• Bitcoin price: $56,738
• Fear & Greed Index: 22 (“Extreme Fear”)
• Market cap loss: $29.7 billion

Hayes, previously inaccurate in his predictions, now warns of a further drop to $50,000, adding to market pressure as other technical indicators also signal bearish trends.

India’s FIU Reviews Offshore Crypto Exchange Approvals for 2025

India’s Financial Intelligence Unit (FIU) is considering requests from four offshore cryptocurrency exchanges to resume operations by March 2025.

Recently, Binance and Kucoin were cleared to operate in India after resolving compliance issues and paying penalties.

The FIU is focused on ensuring these exchanges adhere to anti-money laundering (AML) regulations, including transaction transparency and reporting suspicious activities.

Only exchanges that pass strict due diligence will be approved. This move could broaden crypto exchange options in India and increase Bitcoin adoption.

• FIU to evaluate four offshore crypto exchanges
• Strict AML compliance required for approval
• Potential boost in Bitcoin accessibility and trading in India

While Bitcoin trading volume may increase, stricter AML regulations could impose tighter controls on crypto transactions.

Global Bitcoin ATMs See 600 Shutdowns Amid Rising Scam Concerns

In July and August 2024, over 600 Bitcoin ATMs were taken offline globally, with most closures occurring in the United States. Authorities have targeted these ATMs due to their involvement in scams and extortion.

• 435 ATMs removed in July, 182 in August
• U.S. losses from Bitcoin ATM scams exceeded $110 million in 2023
• Crackdowns reported in countries like Germany and Singapore

The U.S. Federal Trade Commission highlighted a rise in scams, especially targeting the elderly.

While law enforcement aims to enhance security and trust in cryptocurrencies by tightening regulations, the limited access to Bitcoin ATMs may temporarily reduce transaction volumes, potentially slowing Bitcoin’s growth in the short term.

Bitcoin Technical Outlook

Bitcoin (BTC/USD) continues to trade within a descending channel, as shown on the 4-hour chart. The price is facing downward pressure and has tested the lower boundary of the channel, with immediate support around $55,238. The pivot point stands at $56,726, and a break above this level could signal bullish momentum.

Immediate resistance is near $58,108, followed by key levels at $58,323 and $59,763. On the downside, if BTC falls below $55,238, the next support levels are $54,000 and $52,674.

The RSI sits at 39.00, indicating potential oversold conditions, while the 50 EMA is hovering around $58,108, acting as resistance.

Bitcoin Price Chart – Source: Tradingview

Key Insights:

• BTC is trading below the 50 EMA, reinforcing bearish pressure.

• Pivot point at $56,726 may act as a crucial resistance level.

• RSI of 39.00 suggests oversold conditions, increasing chances of a bounce.

Conclusion:
Bearish bias remains unless BTC breaks above $56,726. A failure could lead to further declines.

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