Bitcoin has rallied together with stocks
While the recent price spike is a positive development for bulls, Craig Johnson, chief market technician at Piper Sandler Companies, recently opined that they would need to secure a close above the $26,000 level in order to confirm the end of the ongoing correction.The fact that Bitcoin rallies together with stocks means that bulls should remain cautious.
Investors and traders should keep a close eye on Friday’s jobs report. The highly anticipated data will offer a comprehensive view of the labor market amid growing recession fears. Stock futures are in the red at the time of writing, pushing Bitcoin back below the $22,000 level.Jared Madfes, partner at Tribe Capital, says that he cannot imagine a short-term bullish case for Bitcoin if the jobs report ends up being “really weak.
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