Can Bitcoin Price Rally to $30k Ahead Of U.S Employment Data Today?
The post Can Bitcoin Price Rally to $30k Ahead Of U.S Employment Data Today? appeared first on Coinpedia Fintech News
Bitcoin has been consolidating between $27,000 and $28,500 for the past three weeks, indicating that a potential price decline could be imminent. Additionally, Bitcoin has been forming a possible double top on higher time frames, which has historically been followed by a price drop.
On the four-hour time frame, the current consolidation could signify an implosion is around the corner. With the weekly death cross between the 50 and 200 MA still in play, swing traders are understandably cautious of a possible capitulation.
Is The Bull Rally Here To Stay?
Despite the aforementioned indicators, the recent Bitcoin macro breakout from last year’s falling trend has renewed optimism for sustained bullish sentiment. Furthermore, the worst cases in the crypto market, including FTX and Alameda Research‘s implosion, are now technically behind.
Crucial coming days for the decision on the #BTC Double Top$BTC #Crypto #Bitcoin pic.twitter.com/gEc4ONby2t
— Rekt Capital (@rektcapital) April 7, 2023
Bitcoin Prices React To High-Impact News
Bitcoin prices have been reacting strongly to high-impact news, particularly from the United States Federal Reserve (Fed). In its fight against high inflation, the Fed has raised interest rates nine times since March 2022.
Last month, the Fed increased interest rates by 0.25 basis points to between 4.75% and 5%, the highest level since 2007. As a result, US inflation has dropped from 9.1% in June 2022 to 6%. Interestingly, the Fed’s balance sheet decreased by $73.6 billion to approximately $8.63 trillion last week.
Fed balance sheet fell by $73.6bn to $8.63tn in past week as banks trim emergency borrowing from Fed due to stabilization in banking system. Financial institutions drew $149bn, down from $154bn prev week and $164bn 2 weeks ago. Decrease in Fed balance sheet primarily driven by QT pic.twitter.com/zNliCchgFK
— Holger Zschaepitz (@Schuldensuehner) April 6, 2023
Critical Data Updates
Today’s non-farm employment change and unemployment rate data from the Bureau of Labor Statistics will be of significant importance to crypto traders. If the jobs report is stronger than expected, Bitcoin’s price could drop below $26,500, or even below support.
Conversely, a weaker-than-expected report could drive the price of Bitcoin above recent highs and towards $30,000.
Do you anticipate more turbulence or is the worst finally behind us?
Filed under: Bitcoin - @ April 7, 2023 11:11 am