Bitcoin enthusiasts are eagerly anticipating the release of US non-farm payrolls data, which could provide clues on the future direction of the cryptocurrency.
With Bitcoin currently hovering below the $30K mark, market participants are speculating whether the upcoming data could trigger a surge that pushes BTC above the crucial $30K threshold.
In this bitcoin price prediction, we will delve into the factors that could influence the movement of BTC as the market awaits the non-farm payrolls report.
Bitcoin Inches Closer To $30K Mark Amid Growing Market Concerns Over Banking Issues
The price of bitcoin and other popular cryptocurrencies has soared over the past 24 hours, with BTC gaining +1.40% and getting closer to the $30,000 milestone.
Reports suggest that this rally has come amid growing market stress from concerns around banks. PacWest Bancorp has been under scrutiny due to widespread concerns about regional banks in the US, particularly after the recent collapse of three similar institutions in California.
Crypto enthusiasts argue that this decline in trust for traditional fiat currencies may play a part in bitcoin’s growing appeal.
The latest move in BTC price comes just after market rumors suggested another US bank failure may be imminent.
Crypto services firm Matrixport predicts that bitcoin could see a 20% increase to $36,000 if Thursday’s interest rate hike signals the end of the current cycle.
Bitcoin quietly hovered around $29,000 for most of Thursday, where it remained for the majority of the past ten days.
Investors were focusing on interest rate hikes by US and European central banks and the latest failures in the looming banking crisis.
NFP Effect on BTC: Slow US Economy Job Growth and Its Effect on Bitcoin
In April 2023, the US economy is predicted to add 180,000 jobs, the smallest increase since December 2020, and down from 236,000 in March.
Despite this, the April figures are well above the monthly job gains of 70,000-100,000 needed to match the growth of the working-age population.
majority of job creation Growth is expected in the services sector, particularly leisure and hospitality, while a reduction in manufacturing jobs is expected.
unemployment rate It is forecast to rise slightly from 3.5% to 3.6%, which is still close to its lowest point in five decades.
Wage growth is estimated at 0.3%, in line with March, and annual wage growth is expected to hold steady at 4.2%.
Bitcoin revenue for the block grew 18% in Q1 over Q4
According to block (sq)A fintech startup, its Cash App segment generated $2.16 billion in bitcoin sales for the first quarter, up 25% from Q1 2022 and up 18% from $1.83 billion in Q4 last year.
The total amount of bitcoin sold to customers is counted as block revenue.
In the first quarter, Cash App generated $50 million in bitcoin gross profit, up 43% from the previous quarter and up 16% year over year.
The company’s gross profit in Q1 was $770 million, up 16% from the previous year.
The company did not experience a loss of interest in bitcoin in the first quarter due to an increase in the price of the digital currency.
block recorded A $9 million impairment charge for its bitcoin investment in the fourth quarter and a $47 million impairment charge for the full 2022 fiscal year.
Overall, the business reported $5 billion in Q1 sales, which was $390 million more than expected.
non-gaap earnings 40 cents a share also beat the forecast of 6 cents. Such positive developments helped BTC maintain its bullish momentum.
bitcoin price
BTC/USD is trading at 29,274, up 0.25% on Friday. Amid the banking crisis, bitcoin is inching closer to the $30,000 level.
The recent rise in prices is due to the current market tensions stemming from bank concerns.
On the four-hours chart, bitcoin maintained its position above the 50-day exponential moving average, which is currently acting as an important support near $28,700.
This level has previously acted as an important resistance for BTC during this week. Nonetheless, the close of the candle above $28,700 raised the possibility of a bullish retracement 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 towards the next support at 27,200.
Alternatively, if BTC manages to break the $29,600 mark, we could see the price move north towards $30,400.
Top 15 Cryptocurrencies to Watch in 2023
The market is filled with a variety of promising cryptocurrencies, including emerging altcoins and presale tokens that offer the potential for substantial returns.
As a result, the cryptonews The Industry Talk team has compiled a list of the top 15 cryptocurrencies for 2023, each showing impressive growth potential in 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.
Find the best price to buy/sell cryptocurrency