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 will explore Bitcoin price predictions and analyze the factors driving the recent positive momentum, assessing if this marks the end of the prolonged bearish trend.
Strong Nonfarm Payroll and Labor Market Figures Weigh on BTC
The US Dollar (USD) experienced significant changes in key economic indicators.
The Average Hourly Earnings saw a month-over-month increase of 0.5%, surpassing the previous value of 0.3% and exceeding expectations of 0.3%.
Additionally, the Non-Farm Employment Change demonstrated a positive change, with 253,000 jobs created, exceeding the forecasted figure of 181,000 and the previous value of 165,000.
Furthermore, the Unemployment Rate dropped to 3.4%, which is lower than both the expected 3.6% and the prior figure of 3.5%.
These strong economic indicators for the US Dollar could impact Bitcoin’s price by causing investors to shift their focus towards traditional assets, such as the USD.
A stronger US Dollar might lead to a decrease in demand for Bitcoin and other cryptocurrencies, potentially resulting in downward pressure on their prices.
BTC/USD is currently trading at 29,454, experiencing a nearly 2.5% increase on Friday. Amid the ongoing banking crisis, Bitcoin edges closer to the $30,000 mark.
The recent price surge is attributed to market tensions arising from concerns about banks.
On the four-hour chart, Bitcoin remains above the 50-day exponential moving average, which serves as a vital support level around $28,700.
This level has been a significant resistance for BTC throughout the week. However, closing candles above $28,700 raises the likelihood of a bullish rebound for BTC.
Bitcoin may encounter immediate support near the 27,600 level, as indicated by a trendline on the 4-hour chart.
Should the price break through this critical 27,600 level, BTC could be heading towards the next support level at 27,200.
On the other hand, if BTC succeeds in breaking above the $29,600 level, we might witness its price moving upward toward $30,400.
Top 15 Cryptocurrencies to Watch in 2023
Besides Bitcoin, the market features an array of promising cryptocurrencies, encompassing up-and-coming altcoins and presale tokens that hold the prospect of significant returns.
As a result, the Cryptonews Industry Talk team has assembled a list of the top 15 cryptocurrencies for 2023, each demonstrating considerable potential for growth in both the short and long term.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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