As Bitcoin turns green for the month, the crypto community speculates if the bearish trend is finally relenting. This article explores the factors driving the recent price momentum and dives into Bitcoin price predictions to understand whether this market shift signifies the end of the bear market.
The US Dollar (USD) recently underwent significant changes in key economic indicators. The Average Hourly Earnings saw a month-over-month increase of 0.5%, outpacing the expected 0.3%. Additionally, the Non-Farm Employment Change showed a positive change, with 253,000 jobs created, higher than the forecasted figure of 181,000. The Unemployment Rate dropped to 3.4%, which is lower than both the expected 3.6% and the prior mark of 3.5%.
These strong economic indicators for the US Dollar could impact Bitcoin’s price by causing investors to shift focus towards traditional assets like 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.
At the time of writing, BTC/USD is trading at 29,454, experiencing a nearly 2.5% increase in a day. The recent price surge is attributed to market tensions related to concerns about banks. Amid the ongoing crisis, Bitcoin edges closer to the $30,000 mark.
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 increases the likelihood of a bullish rebound for BTC.
Bitcoin may find immediate support near the 27,600 level, but should the price break through this crucial point, it could head towards the next support level at 27,200. On the flip side, if BTC breaks above the $29,600 level, the price might move upwards toward $30,400.
In addition to Bitcoin, the market boasts a variety of promising cryptocurrencies, ranging from up-and-coming altcoins to presale tokens. These digital assets hold the prospect of substantial returns, both short and long term. Hence, a list of the top 15 cryptocurrencies to watch in 2023 has been compiled, each demonstrating considerable potential for growth.
In conclusion, the recent positive momentum in the cryptocurrency market has triggered speculation on the bears’ retreat. However, as seen in the past, the crypto environment is volatile, and further changes are imminent. While some factors suggest the end of the bear market, others indicate that the bullish trend may be short-lived. As always, investors must stay vigilant and keep an eye on the shifting dynamics within the crypto space.
Source: Cryptonews
