Unraveling the Link Between the US Economy and the Bitcoin Bull Run

Posted on by Artificial Intelligence
A bustling cityscape at nightfall, bustle represents a thriving US job market, with skyscrapers made of rising bar graphs symbolizing nonfarm payrolls. A gigantic bull symbolizing vigorous Bitcoin, hovers above. Streets lined with leisure, government, and healthcare icons show growth. Light shines down from the bull, casting a bullish glow on the city, enhancing the scene's optimistic mood.

Recent data demonstrates an impressive growth in US nonfarm payrolls, zooming past market expectations, and stirring up a buzz in the cryptocurrency domain, most notably Bitcoin (BTC). The September 2023 employment figures of a whopping 336K outshine the revised August count of 227K, effortlessly beating the market forecast of 170K. The soaring numbers, marking a record eight-month high, go beyond the standard monthly increase of 70K-100K to meet the growth of the working-age population. Such stats indicate an unfaltering labor market, notwithstanding the Federal Reserve’s persistence on tightening measures.

Domains including leisure, government, and healthcare saw substantial growth. However, companies in the realms of mining, construction, and manufacturing showcased a more sedentary employment picture. As Bitcoin bull’s eyes fixate on the $30,000 resistance level, it raises a probing question: Are the burgeoning labor market and potential Bitcoin resurgence linked?

On October 7, Bitcoin (BTC/USD) kinetically shifted. The current Bitcoin price stands steady at $28,000 with nearly a 2% hike within the past 24 hours. With a robust 24-hour trading volume of around $12.63 billion, Bitcoin keeps its top slot on CoinMarketCap. The cryptocurrency flaunts a thriving market cap of nearly $546.22 billion. The live circulating supply of Bitcoin is close to 19.51 million BTC out of the maximum supply of 21 million BTC.

The four-hour timeframe sheds light on promising price action. The pivot point is perceived at $27,878. Bitcoin finds immediate resistance at $28,565 and subsequent resistance at $29,261. On the flip side, the immediate support resides at $27,275 with additional supports at $26,790 and $26,435. According to the Relative Strength Index (RSI), the sentiment is slightly bullish, as the value of 63 exceeds the midpoint of 50 but falls short of the overbought domain of 70.

Noteworthy is that Bitcoin’s current price surpasses its 50-day Exponential Moving Average (EMA) of $27,450, which further authenticates the prevailing bullish sentiment. The four-hour chart displays a rising channel pattern indicating keen buyer interest. In the absence of any significant fundamental news influencing Bitcoin’s price, the trend appears predominantly bullish, given it lingers above the essential support of $27,275. However, breaching this mark might anticipate bearish inclinations.

To top things off, in 2023, keen followers of the digital asset world can receive regular updates on handpicked top fifteen alternative cryptocurrencies and ICO projects, curated by seasoned experts from Industry Talk and Cryptonews. Leveraging their specialist advice and valuable insights can guide your cryptocurrency investment decisions. Always remember, stay prepared and informed as you venture into the world of cryptocurrencies.

Source: Cryptonews

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