Bitcoin Price Analysis Ahead of US NFP Data, Inflation Report, White House Crypto Summit

Bitcoin price slipped again today, February 10, continuing a downward trend that started in October when it peaked at a record high of $126,300. Its price action will be in the spotlight in the coming days as traders focus on the upcoming White House crypto summit, US non-farm payrolls (NFP) data, and consumer inflation numbers.

Bitcoin Price to React to US NFP, Inflation, and White House Crypto Summit 

The value of BTC will be in the spotlight as the US releases key macro data in the next few days and the White House Crypto Summit happens.

Top officials from large American banks like Wells Fargo and JPMorgan will have a meeting with senior White House officials later on Tuesday. Other attendees will be representatives from the crypto industry, including officials from companies like Coinbase and Ripple Labs.

The meeting aims to address the main outstanding issue on the stalled CLARITY Act. Precisely, its goal is to reach a compromise on stablecoin rewards that many banks and credit unions have rejected. 

Crypto companies, especially Coinbase, argue that allowing exchanges to offer staking rewards will be a good thing for customers, as it will allow them to earn a return. Banks argue that such a move will lead to capital outflows from the banking sector.

The White House, on the other hand, is keen on passing a major crypto legislation because of its commitment to the industry. It has already achieved a major milestone after the passing of the GENIUS Act.

The other major catalyst for the Bitcoin price will be the upcoming US non-farm payrolls (NFP) data on Wednesday and the latest consumer inflation report. Economists expect the upcoming report to show that the economy added 70k jobs in January, while the headline and core inflation continued falling during the month.

These numbers are important for the crypto market because they will have an impact on the Federal Reserve. A lower inflation will likely push the bank to cut interest rates as soon as in the next meeting in March this year.

BTC Price Prediction: Technical Analysis 

The weekly timeframe chart shows that the Bitcoin price has crashed in the past few months as the bullish momentum faded.

On the negative side, the coin remains below the 50-week and 100-week Exponential Moving Averages (EMA). It also remains below the Supertrend indicator and the key support level at $74,420, its lowest level in April last year.

However, on the positive side, the Relative Strength Index (RSI) has crashed to a low of 27, its lowest level since July 2022. The Percentage Price Oscillator (PPO) has slipped to the lowest level in February 2023.

The last time this happened Bitcoin price staged a strong comeback. If this happens, the coin may bounce back and hit the key resistance level at $80,000. A drop below the key support level at $60,100 will invalidate the bullish outlook.