The price of Bitcoin (BTC) has surged to over $27000, which is a significant bullish trend that has attracted the attention of cryptocurrency investors and traders.This upward trend has sparked optimism and speculation about the potential direction of BTC in the near future
The price of Bitcoin (BTC) has surged to over $27000, which is a significant bullish trend that has attracted the attention of cryptocurrency investors and traders.
This upward trend has sparked optimism and speculation about the potential direction of BTC in the near future.
As Bitcoin returns to this critical level, market participants will closely monitor its price trends and critical levels to measure the strength of the current bullish outlook.
In this Bitcoin price forecast, we will analyze the latest developments and emphasize the important levels that need to be paid attention to as the market develops today.
As the US unemployment rate weakens, BTC rises
The unemployment rate in the United States in May was 3.7%, higher than expected and above the expected 3.5%.
Although the labor force participation rate remains unchanged, this number marks the highest unemployment rate since October 2022.
The employment figures in both the public and private sectors increased by 339000 this month, indicating positive signs of employment growth.
In addition, the average hourly wage, an important indicator of inflation, increased by 0.3% this month.
On an annual basis, the salary increase is 4.3%, slightly lower than the expected level by 0.1 percentage points. However, the average weekly working hours in the United States have decreased by 0.1 hours to 34.3 hours.
These data reflect the current state of the US labor market and provide insights into the economic landscape.
Bitcoin Price Forecast
Bitcoin initially showed a bullish trend around $27200, but after the release of strong US non farm employment data, it experienced a pullback, causing it to fall below $27000.
However, BTC has reversed and its trading price is now above the level of $27000.
The 50 day moving average of the index within the hourly time frame acts as resistance, driving down Bitcoin prices.
Currently, Bitcoin is seeking support around $26600, and falling below this level may lead to further downward momentum.
It is worth noting that over a large time range, Bitcoin forms a descending triangle pattern, usually before breaking through.
This model, combined with a double bottom support of $26600, creates resistance around $27000 to $27500.
In terms of potential price targets, falling below $26600 may open the door to support of $26000.
On the other hand, if Bitcoin successfully breaks through $27275, the next target may be around $27500 or even higher, approaching $27800.
Traders should closely monitor the level of $27250 and consider building positions before $26600.
It is important to understand the latest market and price trends in order to make wise decisions in Bitcoin trading.
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