As Bitcoin (BTC) turns green for the month, investors and traders are speculating if the bear market is finally over.
In this price prediction, we will examine Bitcoin price predictions and analyze the factors driving the recent positive momentum to assess if this marks the end of the ongoing downtrend.
Strong non-farm payrolls and labor numbers are weighing on BTC
The US Dollar (USD) saw significant changes in major economic indicators.
Average hourly earnings rose 0.5% month-on-month, beating the previous reading of 0.3% and beating expectations of 0.3%.
In addition, Non-Farm Employment Change showed a positive change with 253,000 jobs created, beating the forecast figure of 181,000 and the previous figure of 165,000.
In addition, the unemployment rate fell to 3.4%, below both the expected 3.6% and the previous reading of 3.5%.
These strong economic indicators for the US dollar could impact the price of bitcoin by prompting investors to shift their focus to traditional assets like the USD.
A stronger US Dollar could lead to a drop in demand for Bitcoin and other cryptocurrencies, potentially putting downward pressure on their prices.
bitcoin price
BTC/USD is currently trading at 29,454 and was up nearly 2.5% on Friday. Bitcoin is nearing the $30,000 mark amid the ongoing banking crisis.
The recent price hike is being attributed to market tensions stemming from concerns about banks.
On the four-hour chart, Bitcoin remains above the 50-day exponential moving average, which serves as a key support level around $28,700.
This level has been a significant resistance for BTC all week. However, closing candles above $28,700 increases the likelihood of a bullish recovery for BTC.
Bitcoin could find immediate support near the 27,600 level as indicated by a trend line on the 4-hour chart.
If the price breaks this critical 27,600 level, BTC could head towards the next support level at 27,200.
Bitcoin price chart – Source: Tradingview
On the other hand, if BTC manages to break through $29,600, we could see its price move towards $30,400.
Buy BTC now
Top 15 Cryptocurrencies to Watch in 2023
In addition to bitcoin, the market offers a number of promising cryptocurrencies, including emerging altcoins and presale tokens that have the prospect of significant returns.
As a result, the Cryptonews Industry Talk team has compiled a list of the top 15 cryptocurrencies for 2023, each showing significant growth potential in both the short and long term.
Disclaimer: The Industry Talk section features insights from crypto industry players and is not part of Cryptonews.com editorial content.
Find the best price to buy/sell cryptocurrency
Cryptocurrency Price Tracker – Source: Cryptonews
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.