Expert predicts Bitcoin rise after jobs report
Bitcoin’s (BTC) price has been volatile in recent months, with significant price swings and periods of consolidation.
May 5, crypto trading expert Michael van de Poppe tweeted his thoughts on the digital asset’s current price movements, suggesting that Bitcoin is “constantly reversing levels and back in the range.”
However, he also expressed cautious optimism, stating that he prefers to see Bitcoin hold at the $28,900 level, which could generate momentum towards $30,500. The trader acknowledged the impact of the impact on employment rates and that any “important news later that could push prices.”
While Bitcoin has experienced significant price swings in recent months, van de Poppe’s analysis suggests there is still potential for the digital asset to gain ground. Still, it suggests that broader economic factors could further influence Bitcoin’s price movements.
Bullish BTC Pattern
Earlier this week, Finbold reported on Bitcoin’s price chart forming an ascending wedge at the end of the recent decline. The rising wedge pattern is considered an important technical pattern by traders as it can identify potential trend reversals and highlight important price levels.
In this case, the rising wedge pattern was analyzed by a popular Twitter chart pattern analyst, Trader Tardigradewho pointed out that it represented a “super BULLISH pattern.”
While technical patterns such as the rising wedge can provide valuable insight into market trends, it is important to note that they are not foolproof and must be considered alongside other factors such as macroeconomic developments and investor sentiment.
On the 5th of May Trader Tardigrade reiterated that BTC is preparing for an “incoming bull run.”
Bitcoin price analysis
Bitcoin’s current trading price of $29,110 reflects the ongoing volatility and complexity of the cryptocurrency market. While the digital asset is up 0.16% in the last 24 hours, it has experienced a 0.62% drop in value over the past week.
Traders in the cryptocurrency market must closely monitor Bitcoin’s support and resistance levels, as they can provide important insight into potential price movements and trend reversals. Finbold identified the $27,892 support level and the $30,094 resistance level as particularly worth watching closely, as they represent critical psychological thresholds for Bitcoin’s price action.
Currently, Bitcoin’s trading price of $29,110 falls within this more or less mid-range, indicating the potential for further near-term volatility. While the digital asset has seen some stability over the past week, it remains subject to sudden price swings and significant market movements.
Despite this, Bitcoin’s total market capitalization of $563 billion underscores its continued importance in the broader cryptocurrency ecosystem.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
