Daily News | BTC Faces Resistance at $30k, ETH Rebounds; Wall Street Treads Carefully Ahead of Jobs Report, Big Tech Rallies Following Bullard's Remarks

2023-04-07, 03:11

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![](https://gimg2.gateimg.com/image/article/16808368690407.jpg)

## Crypto Daily Digest: <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> Struggles at $30k, ETH Bounces Back; Big Tech Rebounds & Wall Street Cautious Before Jobs Report

*“<a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> struggles at $30k resistance, Ether up 4% with Shanghai hard fork. <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> gained 20%, while USDC & BUSD down due to bank troubles. Wall Street cautious pre-jobs report, expecting 230k jobs added in March. Money-market funds hit new high of $5.25tn.”*

Good morning, traders! Let’s seize this Friday relentlessly and make the most of it! 🚀

---

## Crypto: <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> Struggles to Break $30K, Ether Bounces Back; Trader Made Million-Dollar Profit with <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> During Elon Musk Rally

*“Tree of Alpha," a Twitter trader, earned over $1 million in 30 minutes trading <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> during the Elon Musk rally. <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> is struggling to break through the $30,000 resistance. Experts believe the crypto market is experiencing high volatility. The value of Ether is fluctuating, but it recently increased by 4% due to an upcoming event called the Shanghai hard fork, which could attract more investors. <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a>'s market value has gone up 20% this year, while Circle's USDC lost a quarter of its value, and Paxos' BUSD lost over half its value due to bank troubles and regulatory issues.”*

TreeofAlpha trended on Crypto Twitter for a bit. Unsurprisingly after it was revealed that they scored big time, making over a million bucks in just 30 minutes by trading <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> (DOGE) during the Elon Musk rally. That's crazy, right? Apparently, Tree of Alpha saw that <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> was all over Twitter, so they put down $8 million on it. When the price hit $0.095, they cashed out and made a fortune.

Anyway, <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>'s been struggling to break through the $30k resistance lately. Experts think that investors aren't sure what to do, but some folks believe that <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> might go up again in April, based on previous years' trends.

## <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> (BTC) $27981.9 (-0.19%) - Neutral Outlook

![](https://gimg2.gateimg.com/image/article/1680836969Untitled0407.png)

**Overview:**

- ***Closest daily support zone: 27840 - 27520***
- ***Closest daily resistance zone: 28160 - 28380***
- ***Key Level: 26580 (Mar. 18 Low)***

<br> **Daily Resistance zones**
1. 28160 - 28380
2. 28870 - 29180
3. 29800 - 31000

<br>**Daily Support zones**
1. 27840 - 27520
2. 26910 - 26580
3. 25780 - 25510

<br>
### ETH

Meanwhile, Ether's value has been bouncing around too. It went down to under $1,900 recently, but then it went up by 4% due to the upcoming event Shapella hard fork upgrade, which could bring more investors to Ether staking. And speaking of staking, tokens for liquid staking (LSPs) didn't move much on Thursday.

### USDT

<a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> has been doing pretty well too. Its market value has gone up by 20% this year thanks to the <a href="/price/tron-trx" target="_blank" class="blog_inner_link">TRON</a> Network, which is popular in China. On the other hand, Circle's USDC digital currency lost a quarter of its value, and Paxos' BUSD digital currency has gone down in value by over half this year. That's because Circle had some bank troubles, and regulators told Paxos to stop making more of its currency.

## Macro: Job Growth Holds Steady, Unemployment Low: What Will It Mean for the Fed?

*“Wall Street is playing it safe before the jobs report, and big tech is making a comeback after Bullard says credit conditions won't cause a recession. S&P 500 is expecting weak growth this quarter and traders are waiting for the payroll report to get clues about the Fed's next policy move, with a predicted 230k jobs added and low Unemployment rates. Money-market funds reached a new high of $5.25 trillion, but people are investing at a slower pace than expected.”*

Wall Street is playing it safe ahead of Friday's jobs report.

The stock market saw slight gains and bonds trading mixed while the dollar barely moved. Big tech companies led the way in the rebound, getting a break after St. Louis Fed President James Bullard expressed his thoughts that tighter credit conditions won't tip the economy into a recession.

Traders are uncertain about the payrolls data though, and whether it will show inflation cooling or fuel economic worries, so they are holding back.  Additionally, the upcoming earnings season has added significance as this quarter is projected to represent the trough in S&P 500 earnings growth.

Meanwhile, US stock futures were mostly unchanged in thin trading ahead of a three-day weekend. The payroll report, set to be released by the US government on Friday, will give traders clues on the Federal Reserve's next policy move.

The report is expected to show a still-strong 230,000 jobs added in March, and the Unemployment rate held near a historic low. Lastly, money-market funds have reached a new record high with total assets of $5.25 trillion, although inflows have slowed down from the recent breakneck pace.

<div class="blog-details-info">
<div>Author:** Peter L. **, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>