Irrespective of the release of significantly higher U.S job figures than forecasted on Friday, Bitcoin has shown determination to climb back over the $28,000 limit, rejuvenating its 100 and 200DMAs. After experiencing an initial drop following the revelation of the data, Bitcoin has achieved a 3% rise from its session lows in the $27,100s, as U.S yields and the U.S Dollar Index (DXY) recede from their peaks.
It appears there may be concerns that robust job data may embolden the Fed to lift interest rates too high, potentially triggering a recession. Nevertheless, with Bitcoin’s tenacious recovery from session lows, an anticipation of continued ascension within the primary uptrend, which has been in control since mid-September, is palpable. If it breaks the north of the 200DMA and next the support-turned-resistance zone at $28,500, the prospect of a swift move back above $30,000 and thus an accelerated 7-8% gain is plausible.
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Source: Cryptonews
