(8/6, Sat) btc rose 3.1% after falling for last 7 days to complete an N-shaped uptrend pattern on the daily chart

Yesterday(8/5 00:00 - 24:00, UTC+0), bitcoin price recorded its starting as $22603, its lowest as $22570, its highest as $23463, its closing as $23302. Bitcoin rose sharply from 01:30 after Friday's start, peaking at 12:00, then corrected and rose again, closing 3.1% up.

Looking at the 4hr chart, Bitcoin, which had fallen below 100MA the previous day, broke through the 100MA again and closed below 50MA, but it seems that the sideways move between $21.5k-$22.5k over the past 5 days lacks upside momentum. On the daily chart, the N-shaped uptrend showed a rebound for first time after 7day's correction, if is rises big this weekend, we can see the completion of the N-shaped uptrend pattern.

In the macro market, employment indicators came out good, and the stock market fell sharply in the beginning due to concerns about another 75bp rate hike, and then recovered, while the dollar index and bond yields rose. Even in this situation, looking big tech companies pushing for job cuts while worrying about the economic slowdown, it is unlikely that interest rates will rise significantly because of the high probability that the employment indicators will be bad in the future.