Decoding Bitcoin’s Future: Insights from Analyst Benjamin Cowen 📈
Benjamin Cowen, a notable crypto analyst, anticipates that this week’s economic data will play a pivotal role in shaping Bitcoin’s trajectory. With labor market statistics set to be unveiled, Cowen believes that these insights could offer valuable clues about the future direction of Bitcoin.
Key Economic Indicators to Watch
- The U.S. Bureau of Labor Statistics releases monthly reports, including data on average hourly earnings, non-farm employment change, and the unemployment rate.
- Bitcoin often displays hesitancy ahead of new monthly reports, a pattern observed by the crypto analyst.
The Influence of ECB Decision 🏦
- Cowen also speculates that the European Central Bank (ECB) may slash interest rates in the upcoming week.
- Currently, Bitcoin’s 20-week simple moving average (SMA) stands at $61,793, with the 21-week exponential moving average (EMA) at $60,478, defining the “bull market support band.”
Critical Juncture for Bitcoin’s Trajectory
- As per Cowen, it’s a crucial phase for the cryptocurrency market to determine whether a further upward move, akin to the 2019 surge, is on the horizon.
- Bitcoin is currently priced at $69,242, showcasing a 2% increase in the last 24 hours.
Hot Take: What Lies Ahead for Bitcoin? 🔥
Will the upcoming economic data mold Bitcoin’s future path, or are there other factors at play? Keep an eye on market trends, announcements, and global events to stay ahead in the crypto space!
The post New Economic Data To Decide Bitcoin’s Next Direction, According to Analyst Benjamin Cowen appeared first on The Daily Hodl.
By
By
By
By