Bitcoin Price Prediction When BTC Turns Green For The Month – Is The Bear Market Over?
As Bitcoin (BTC) turns green for the month, investors and traders are speculating whether the bear market is finally over.
In this price prediction, we will explore Bitcoin price predictions and analyze the factors driving the recent positive momentum and assess whether this marks the end of the long-term bearish trend.
Strong non-farm payrolls and labor market numbers weigh on BTC
The US dollar (USD) experienced significant changes in key economic indicators.
Average hourly earnings rose 0.5% month-over-month, beating the previous reading of 0.3% and beating expectations of 0.3%.
In addition, Non-Farm Employment Change showed a positive change, with 253,000 jobs created, exceeding the forecast figure of 181,000 and the previous value of 165,000.
Furthermore, unemployment fell to 3.4%, which is lower than both the expected 3.6% and the previous 3.5%.
These strong economic indicators for the US dollar can affect Bitcoin’s price by causing investors to shift their focus towards traditional assets, such as the USD.
A stronger US dollar could lead to a decrease in demand for Bitcoin and other cryptocurrencies, potentially putting downward pressure on their prices.
Bitcoin price
BTC/USD is currently trading at 29,454, seeing an increase of almost 2.5% on Friday. Amidst the ongoing banking crisis, Bitcoin is approaching $30,000.
The latest price increase is attributed to market tensions resulting from concerns about banks.
On the four-hour chart, Bitcoin remains above the 50-day exponential moving average, which serves as an important support level around $28,700.
This level has been a significant resistance for BTC throughout the week. However, closing candles above $28,700 increases the likelihood of a bullish rebound for BTC.
Bitcoin may face immediate support near the 27,600 level, as indicated by a trend line on the 4-hour chart.
Should the price break through this critical 27,600 level, BTC could be heading towards the next support level at 27,200.
On the other hand, if BTC succeeds in breaking above the $29,600 level, we could witness the price move upwards towards $30,400.
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Top 15 Cryptocurrencies to Watch in 2023
Besides Bitcoin, the market has a number of promising cryptocurrencies, including upcoming altcoins and pre-sale tokens that have the prospect of significant returns.
As a result, the Cryptonews Industry Talk team has compiled a list of the top 15 cryptocurrencies for 2023, each showing significant potential for growth in both the short and long term.
Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.
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