Global Market Update

In February, the seasonally adjusted final S&P Global US Services PMI Business Activity Index showed a slight decline to 52.3 from January's 52.5, yet it surpassed the earlier 'flash' estimate of 51.3. Similarly, the Services PMI® registered a 0.8 percentage point decrease to 52.6 compared to January's 53.4. Despite this, the prices paid component fell by 5.4 percentage points to 58.6, largely reversing January's gains.

Private sector employment in the US saw a notable increase of 140,000 jobs in February, as reported by the Automatic Data Processing (ADP). Federal Reserve Chair Jerome Powell indicated that the Fed is not rushing to cut interest rates, emphasizing a desire to see inflation steadily decline toward the Federal Reserve’s 2% target.

The number of job openings at the end of January stood at 8.86 million. Oil prices rose on Wednesday as US crude inventories increased by approximately 1.4 million barrels in the week ended March 1, falling short of estimates 2.4M barrels. Initial jobless claims for the week ending March 2 remained unchanged at 217,000, and on Thursday, President Joe Biden proposed increased corporate taxes alongside efforts to reduce medical costs and improve housing affordability to address economic concerns.

Average hourly earnings rose 0.1% month-over-month, below the expected 0.2%. Additionally, US non-farm payroll employment exceeded expectations, rising by 275,000 in February, while the unemployment rate increased from 3.7% to 3.9%, surpassing the expectation of remaining unchanged.

Bitcoin Price Analysis

The price of Bitcoin on Monday, March 4, was able to break through the resistance level at $63,000 and closed at $68,245, experiencing an 8% increase in a day. However, that didn't last long. The day after, on March 5, the price of Bitcoin fell to its lowest level at $59,000 but immediately bounced back and closed at $63,724. But this doesn't mean the upward trend has turned into a downward trend; it's just a retracement after experiencing a significant increase. After that, the price of BTC continued to rise every day without any corrections, so on March 11, BTC set a new record high price of $72,000.

Ethereum Price Analysis

On March 4, the price of Ethereum successfully broke through the resistance level at $3,500, closing the candle that day at $3,627, experiencing a 4% increase. However, on March 5, it corrected down to the support level at $3,300, bounced back, and closed the candle at $3,553. After that, for almost a week, the price of Ethereum continued to rise until it reached a two-year high at $4,000.

Solana Price Analysis

On March 4, the price of Solana was held at its resistance level. Compared to Bitcoin and Ethereum, the price of Solana did not experience a significant increase, only rising by 2.39% in a day. On March 5, there was a simultaneous market correction, and a similar scenario unfolded for Solana. The price of Solana corrected down to the support level in the range of $105 - $106. After successfully bouncing back from that level, the price of Solana experienced a significant increase, breaking through its resistance level in the range of $130 - $133 and continued to rise until March 11, reaching a price of $150.


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