The United States has just released the Employment Situation Summary, which describes the current state of the US labor market. Bitcoin, the dominant cryptocurrency in the market, is counting on the freshly released data for a possible exit from the bear market.
Bitcoin is struggling to keep its value within the critical $20,000 level. Despite this, investors have chosen to HODL during the coming crypto winter. More than 62% of addresses with the currency were not sold in the past year. This could indicate that investor sentiment as a whole is mixed.
Despite the fact that some investors chose to hold the currency, 32% of investors chose to sell the currency after holding it for between one and 12 months, while 6% sold their currency after holding it for just one month. had held.
Many Believe Bitcoin Will Recover
While investor sentiment has been extremely volatile, the sheer number of investors who have chosen to hold on indicates that many continue to believe that Bitcoin will recover. This may now be the case, as Uncle Sam has provided an overview of the overall employment picture in the United States.
Since the publication of the jobs report, the Bitcoin market has seen minimal gains. Coingecko reports that the price of Bitcoin at the time the report was published was $20,060.85.
However, this fairly large price gain from the early morning price of $19,632.46 was inevitably lost over the course of the day.
The crucial $25K price point
Even if the price eventually fell after the investigation, Kitco just released a report identifying the potential price point to end the bear market. The report’s author, Rajan Dhall, estimated a price of $25,066 for a total Bitcoin recovery.
According to Rajan:
“Bitcoin seems to be stuck in a rut, but the good news is that the psychological threshold of $20,000 has been standing for a while. After the bear flag formation broke through on August 19, it would have been purely technical-analytical that the decline would continue.”
Rajan said a higher rally is possible if the bulls can stay above that zone, but for now the consolidation low around $17,567 is the level to check.
This current survey and the relatively favorable employment picture in the United States may point to an impending rally.
However, despite the current crypto winter, investors are still warming up.
Crypto total market cap at $950 billion on the weekend chart | Source: TradingView.com Featured image from MARCA, chart from TradingView.com
