February wasn’t the best month for stocks, with the S&P 500 and Dow Jones Industrial Average falling around 1.5%, while the Nasdaq 100 fell almost 3%. Bitcoin had an even worse month, losing over 17%.
However, it has recouped some of those losses over the weekend thanks to reports that the White House plans for a crypto reserve. That had Bitcoin, Ethereum, Bitcoin Cash and others rallying over the weekend (more on this below).
As we turn our attention to this week, earnings will be in focus, with a particular interest in retailers.
Target, Best Buy (NYSE:BBY), and CrowdStrike (NASDAQ:CRWD) will report earnings on Tuesday, while Abercrombie & Fitch, Foot Locker (NYSE:FL) and Marvell (NASDAQ:MRVL) report on Wednesday.
On Thursday morning, JD.com, Cracker Barrel (NASDAQ:CBRL) and Kroger (NYSE:KR) will report earnings. After the close, Costco (NASDAQ:COST), Broadcom (NASDAQ:AVGO) and Gap will report.
Friday’s main event will be the February jobs report. It will show us how many jobs were added (or lost) last month, as well as provide the updated unemployment rate. Given last month’s disappointing report, this week’s result will surely be in focus.
The setup — Bitcoin
Over the weekend, the White House unveiled a US strategic crypto reserve, including Bitcoin, Ethereum, XRP, Solana, and Cardano. This led to large gains within the crypto space, although some crypto investors argue the reserve should hold only Bitcoin.
Speaking of Bitcoin, it’s been a volatile couple of days, with BTC recently hitting its lowest level since November 10th.
Last week we talked about what could happen if Bitcoin broke below support, noting that it could potentially test down to its 200-day moving average. Well, that’s exactly what happened, but this area ended up being a big support level.
Chart as of 8:30 a.m. ET on 3/2/2025. Source: eToro ProCharts, courtesy of TradingView.
The good news is, Bitcoin has regained the key $90,000 level after a successful test and hold of the 200-day. The bad news is, it still remains below the 50-day moving average and downtrend resistance.
Bulls will want to see BTC clear these hurdles. If it can do so, it’s possible that Bitcoin retests the $100,000 level and potentially higher.
However, if these areas remain resistance, the $90,000 level will be back on watch for support, followed by the 200-day moving average and recent lows.
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Disclaimer: Please note that due to market volatility, some of the prices may have already been reached and scenarios played out. Content, research, tools, and stock symbols displayed are for educational purposes only and do not imply a recommendation or solicitation to engage in any specific investment strategy. All investments involve risk, losses may exceed the amount of principal invested, and past performance does not guarantee future results.