Bitcoin, Ethereum, Dogecoin Trade Mixed As Investors Weigh August Job Report: Analyst Predicts Altcoins T – Benzinga

Major cryptocurrencies exhibited a mixed trading performance on Sunday as traders evaluated the latest U.S. jobs report.

What Happened: The latest U.S. nonfarm payrolls report revealed some notable trends in the job market. In August, the unemployment rate edged up to 3.8%, its highest level in over a year, contrary to economists’ expectations of it remaining at 3.5%. 

Additionally, average hourly earnings only increased by 4.3% year-over-year, falling short of economists’ projected 4.4% increase as the economy continues to slow down and pricing pressures ease. While job growth in August exceeded expectations with the addition of 187,000 jobs, it’s worth noting that the job numbers for June and July were revised down by a combined 110,000.

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Currently, the global crypto market capitalization stands at $1.05 trillion, a 0.98% decrease in the last day.

U.S. stock futures traded within a narrow range after a positive week for major benchmark averages. It’s important to note that markets will be closed on Monday due to a public holiday. At 6:50 p.m. EDT, both S&P 500 Futures and Nasdaq 100 Futures showed a marginal decline of 0.1% each.

See More: Best Crypto Day Trading Strategies

Analyst Notes: Crypto analyst Michael Van De Poppe pointed out that despite the current market sentiment, there seems to be some promising momentum for Altcoins as shown by Bitcoin’s dominance. 

This pattern is consistent with previous cycles, specifically around eight to ten months leading up to the halving. Bitcoin’s dominance serves as an indicator of the strength or weakness of altcoins. In addition to that, it is important to note that the best investment decisions are often made when one feels the least confident about them. This seems to be the case right now.

However, it’s worth mentioning that Bitcoin dominance is not continuing its upward momentum, but rather declining.

Pseudonymous analyst Rekt Capital said on X about the imminent risk of Bitcoin breaking down from a bearish double top pattern. According to his analysis, if a sell-off event occurs with significant trading volume, it could potentially trigger the breakdown process.

“BTC is on the cusp of validating its double top formation. A breakout on seller volume and a convincing loss of ~$26,000 followed by turning it into new resistance would confirm the breakdown.” 

Rekt Capital notes that Bitcoin’s current price action is reminiscent of its late 2021 pattern, when it experienced a breakdown from a double top formation, signaling the end of its previous bull market.In 2021, BTC formed two distinct tops, similar to a double top, before eventually reaching a third top at a lower high.

Crypto Tony said before we will see Altcoins pump 100x or 200x in the next bull run, they will tend to lay dormant for a while after putting in lows, which he expects later this year. “Our job is to identify the accumulation zones and get in before the next big moves begin.”