The recent fixation on Bitcoin’s performance above $29,000 has left the crypto market in suspense. With a trading volume of $12.4 billion, the 24-hour marathon has proven to be captivating for the crypto community. Amid this nerve-racking situation, the US Non-Farm Payrolls (NFP) data release is waiting in line. Market pundits suggest that these figures could dramatically alter Bitcoin’s flight path.
The USD has shown an uptick in strength in the wake of the NFP data announcement due on Friday. The anticipation over a drop of 6K jobs from June and a slight decrease in Average Earnings from 0.4% to 0.3% for July, have painted a favorable economic canvas. The odds seem tilted in favor of an optimistic financial report, which the markets are keenly observing.
The intriguing surge in Bitcoin’s price has links to Block Inc’s Cash App platform’s consistent performance. Despite Q1 2023 profits taking a minor hit, they sprung back with a 7% increase from last year. Block Inc. reported a 34% YoY increase in Bitcoin revenue, turning heads with a whopping $2.4 billion Bitcoin sales during Q2. Roughly half of this revenue translated into a gross profit of $44 million.
The near future in Cryptocurrency, especially Bitcoin, looks promising, with Binance announcing new trading pairs with a zero-fee trading program. The new market enablers – Bitcoin/First Digital USD (BTC/FDUSD) and Ether/First Digital USD (ETH/FDUSD) – hold the potential of changing Bitcoin’s valuation, contributing to its recent price hike.
Binance took a meaningful step forward by introducing the First Digital USD (FDUSD) stablecoin to broaden trading avenues. Though the FDUSD’s low market cap of $257 million draws skepticism, its availability on Binance might work to its advantage, driving its market cap up.
Bitcoin is in a pickle on the 4-hour trading spectrum, wavering between resistance around the $30,000 guideline and support at the $29,000 mark. Current analyses reveal bearish undertones for Bitcoin, hinting at a downward trend with prominent indicators like the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD).
Going by today’s dynamics, the digital currency might stoop down to $28,700. However, it could potentially find support at this level. A breach below this support might push the price further down to $28,200.
As we keep our eyes fixed on this unfolding drama, we also recommend tracking the top 15 digital assets of 2023. Keep abreast with the evolving digital asset world and potential investment opportunities as the Crypto market constantly morphs. As always, dabbling in cryptocurrencies involves high volatility and risk. It is crucial to conduct thorough research before diving into this world of digital assets.
Source: Cryptonews
