Bitcoin It is showing a strong upward movement, rising all the way to the $70,000 price level. However, despite the renewed bullish momentum, there are several upcoming macro events to watch out for that could impact Bitcoin’s price trajectory in the short term.
Will the release of labor market data indicate the next direction for Bitcoin?
Market participants are curiously watching Bitcoin’s short-term price outlook as they anticipate the publication of key US labor market data this week. The release of stronger data could cause turmoil in the cryptocurrency landscape and financial markets.
Cryptocurrency Analyst and Chief Executive Officer (CEO) of Into The Cryptoverse, Benjamin Quinn, Claims The report will provide information about Job levels Wage growth is expected to have a significant impact on Bitcoin’s near-term trend. The expert’s diagnosis comes in light of BTC’s strong dominance of the market, as it approaches the critical 60% threshold, where market conditions may change radically.
According to Benjamin Quinn, while the current view has proven accurate so far, Bitcoin has risen to a level $68,000 level, It will essentially lose some of its momentum and will only make another major move higher after this week’s labor market data. Results of other upcoming events, such as the Federal Open Market Committee meeting and american presidential elections, It is also expected to impact the price of cryptocurrency assets.
Cowen highlighted that the cyclical outlook for BTC expects it to rise in the year Fourth quarter of 2024while the monetary policy view claims that the asset price is set for a decline followed by an increase early next year. “Although it made sense for the cyclical view to fade away in March, it is now more of a fluctuation of the view prevailing,” Quinn added.
In the event that Bitcoin manages to rise above $70,000 on more than just a fuse, the expert believes that a cyclical outlook is likely to prevail. However, if BTC fails at $70,000 again and starts to fall towards $64,000, the monetary perspective will likely win out and the breakout will not occur until 2025.
Once the monetary view prevails, there may be another short decline similar to what happened in April and August of this year, which will likely end in December.
The upward pressure on BTC continues
Positive feelings around Bitcoin It’s been getting stronger lately as the major cryptocurrency asset is just a few numbers away from hitting the $71,000 mark again, a level not seen since late June.
This continued upward momentum is solely attributable to the growing interest of bulls. In the past day, Bitcoin’s market capitalization and trading volume rose by more than 3% and 130% respectively, demonstrating the strong position between retail and business sectors. Institutional investors.
As long as the bulls can sustain this renewed uptrend, crypto assets could see an extended push beyond $71,000 and possibly to the current all-time high of $73,000, which was achieved in March of this year.
Featured image from Unsplash, chart from Tradingview.com
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