Bitcoin Price Surges After Positive US Labor Market Report
Bitcoin’s price increased by 2% following the release of the September non-farm payrolls report by the US Bureau of Labor Statistics. This surge suggests that BTC is in a favorable position for bullish price action in the coming weeks. The market’s positive reaction to the report has pushed Bitcoin closer to reclaiming the $28,000 mark. Now, the question is whether bullish investors can capitalize on this momentum to push past the $30,000 territory.
The Impact of the Non-Farm Payroll Report on Bitcoin Prices
The non-farm payrolls (NFP) data is an important economic indicator in the United States that can influence various financial markets, including Bitcoin. The latest NFP report for September 2023 showed an increase of 336,000 non-farm payrolls, surpassing market expectations of 170,000. This better-than-expected report indicates a strong job market and improved economic health, which could boost confidence among major Bitcoin investors in the US and beyond.
US Whales on Coinbase Buying More BTC
Institutional investors in the US seem to have gained confidence in Bitcoin following the release of the NFP report. CryptoQuant’s Coinbase Premium Index, which measures the price difference between Bitcoin on Binance and Coinbase Pro, shows that US-based whales have been accumulating BTC this week. When the Coinbase Premium Index enters positive values, it signifies that US investors are increasing their buying pressure. Historical data suggests that Bitcoin price tends to rally when this happens.
Predicting a BTC Price of $30,000
The correlation between Bitcoin price and US-based whale investors’ trading activity indicates that BTC bulls could drive the ongoing price rally towards $30,000. The Global In/Out of Money Around Price (GIOM) data, which analyzes the entry price distribution of current Bitcoin investors, also supports this prediction. If Bitcoin bulls can surpass the initial sell-wall at $29,300, the price rally could reach $30,000. However, a drop in whales’ confidence or a reversal below $25,000 could invalidate this bullish prediction.
Hot Take: Bitcoin’s Bullish Momentum Continues
Bitcoin’s price has experienced a surge following the positive US Labor market report and the increased buying pressure from US-based whales. The NFP report exceeding expectations indicates a strong job market and improved economic health, boosting confidence among major Bitcoin investors. This has led to a push towards reclaiming the $28,000 mark and potentially reaching $30,000. However, it remains to be seen if retail traders will follow suit and maintain the bullish momentum. A reversal below $25,000 could undermine this upward trend. Overall, Bitcoin’s future movements will depend on investor sentiment and market conditions.
By
By
By
By
By