(Kitco News) – It was a relatively quiet day across financial markets as investors digested stronger-than-expected jobs data which led them to reevaluate their expectations around when the Federal Reserve will pause its rate-hiking campaign.
As a result of the surprise jobs data, traditional markets oscillated between small gains and slight losses on Friday, with the S&P and Nasdaq closing the day in the red, down 0.12% and 0.18% respectively, while the Dow saw a slight gain of 0.10%.
Data from TradingView shows a similar story for Bitcoin (BTC), which traded as high as $17,122 and as low as $16,798, only to settle near at $17,040 at the time of writing, marking a gain of 0.87% on the day.
BTC/USD 4-hour chart. Source: TradingView
The relative calm witnessed in the market was touched on by senior Kitco technical analyst Jim Wyckoff in his morning Bitcoin update when he highlighted that “Bitcoin-U.S. dollar prices are near steady on a routine pause late this week after posting solid gains and hitting a three-week high on Wednesday.”
Moving forward, “Bulls have the slight near-term technical advantage,” according to Wyckoff, following this week’s price action which “saw a bullish upside “breakout” on the daily chart to suggest a market bottom is in place and that prices can now move still higher in the near term.”
A survey of crypto Twitter shows that many traders in the market viewed Friday’s price action as “boring,” which was a welcomed sight for some following the volatility witnessed in November.
Boring markets, but #Bitcoin is consolidating nicely here and the game still stands.
— Michaël van de Poppe (@CryptoMichNL) December 2, 2022
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