As Bitcoin (BTC) turns green this month, investors and traders are speculating whether the bear market has finally come to an end.In this price forecast, we will explore the Bitcoin price forecast and analyze the factors driving the recent positive momentum, evaluating whether this marks the end of the long-term bearish trend
As Bitcoin (BTC) turns green this month, investors and traders are speculating whether the bear market has finally come to an end.
In this price forecast, we will explore the Bitcoin price forecast and analyze the factors driving the recent positive momentum, evaluating whether this marks the end of the long-term bearish trend.
Strong non farm employment data and labor market data pose pressure on BTC
The main economic indicators of the US dollar (USD) have undergone significant changes.
The average hourly wage increased by 0.5% month on month, exceeding the previous value of 0.3% and also exceeding the expected 0.3%.
In addition, the changes in non agricultural employment have shown positive changes, creating 253000 job positions, exceeding the expected 181000 and 165000.
In addition,unemployment rateIt dropped to 3.4%, lower than the expected 3.6% and previous 3.5%.
These strong US dollar economic indicators may lead investors to shift their attention to traditional assets such as the US dollar, thereby affecting the price of Bitcoin.
The strengthening of the US dollar may lead to a decrease in demand for Bitcoin and other cryptocurrencies, which may lead to downward pressure on their prices.
Bitcoin Price
BTC/USD is currently trading at 29454, rising nearly 2.5% on Friday. In the ongoing banking crisis, Bitcoin is approaching the $30000 mark.
The recent price surge is attributed to market tension caused by concerns about banks.
On the four hour chart, Bitcoin is still above the 50 day moving average of the index, which is an important support level around $28700.
Throughout the week, this level has been a significant resistance to BTC. However, closing above $28700 increases the likelihood of a bullish rebound in BTC.
As shown by the trend line on the 4-hour chart, Bitcoin may immediately gain support near the 27600 level.
If the price breaks through this critical level of 27600, BTC may move towards the next supporting level of 27200.
On the other hand, if BTC successfully breaks through the $29600 level, we may see its price rise to $30400.
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