As Bitcoin (BTC) turns green for the month, investors and traders are speculating whether the bear market is finally over.
In this price prediction, we’ll explore bitcoin price predictions and analyze the factors driving the recent positive momentum, while assessing whether this marks the end of a prolonged bearish trend.
Strong Nonfarm Payrolls and Labor Market Data Weigh on BTC
The US Dollar (USD) experienced significant changes in key economic indicators.
Average hourly earnings saw an increase of 0.5% month-over-month, surpassing the previous value of 0.3% and exceeding expectations by 0.3%.
moreover, Non-Farm Employment Change demonstrated a positive turnaround with the creation of 253,000 jobs, exceeding the forecasted figure of 181,000 and the previous value of 165,000.
Other than this, unemployment rate fell to 3.4%, which is lower than both the expected 3.6% and the previous figure of 3.5%.
These strong economic indicators for the US Dollar could affect the price of bitcoin, prompting investors to shift their focus to traditional assets such as the USD.
A strengthening US dollar could reduce the demand for bitcoin and other cryptocurrencies, which could result in downward pressure on their prices.
bitcoin price
BTC/USD is currently trading at 29,454, having experienced a gain of about 2.5% on Friday. Amid the ongoing banking crisis, bitcoin is nearing the $30,000 mark.
The recent price rise is attributed to market tensions arising from concerns about banks.
On the four-hours chart, bitcoin remained well above the 50-day exponential moving average, which serves as an important support near $28,700.
This level has been an important resistance for BTC throughout the week. However, a candle close above $28,700 increases the chances of a bullish pullback for BTC.
Bitcoin may find immediate support near the 27,600 level, as indicated by a trendline forming on the 4-hours chart.
If the price breaks this important 27,600 level, BTC could move higher towards the next support at 27,200.
On the other hand, if BTC manages to break the $29,600 level, we could see an increase in its price towards $30,400.
Top 15 Cryptocurrencies to Watch in 2023
In addition to bitcoin, there is an array of promising cryptocurrencies in the market, including up-and-coming altcoins and presale tokens with the potential for significant returns.
As a result, the Cryptonews Industry Talk team has compiled a list of the top 15 cryptocurrencies for 2023, each of which exhibits considerable growth potential in both the short and long term.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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