Why a $50K-retest is likely ahead of Friday’s US jobs data By

The heavy selling in the U.S. dollar market at the end of last week assisted (BTC) to climb above $49,000. However, BTC struggled to extend its climb above $50,000, a psychological resistance level, as investors remained cautious about the Federal Reserve’s taper timing.

In detail, the Fed chairman Jerome Powell delivered a mildly dovish outlook during his speech on Friday at the annual Jackson Hole symposium. At one point, he refrained from providing hints regarding when the Fed would start unwinding its $120 billion a month asset purchasing program.