US CPI, UK unemployment data coming out this week

by Tiffany Huang, WOO X Analyst

On Monday, Asia-Pacific markets extended the previous week's sell-off, with Japan's Nikkei plunging over 12%, marking its steepest percentage decline since the October 1987 crash.

This downturn was fueled by mounting recession fears sparked by disappointing jobs data and a yen rally to a seven-month high against the dollar. The sell-off also reverberated through the crypto market, triggering significant declines. However, markets saw a rebound later in the week, supported by more positive economic data, including an encouraging US jobless claims report.

Market overview from WOO X Research

BTC attempted to break through $62,000 over the weekend but only reached a high of $61,858 before correcting.

The current level of $58,100 reflects a 7.4% drop, meeting the minimum retracement requirement.

As long as BTC stays above $55,000, there is potential for another upward movement, targeting $64,500.

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