Will BTC Rise Above $30K As US Non-Farm Payrolls Pending?
Bitcoin enthusiasts are eagerly awaiting the release of US non-farm payrolls data, which could provide clues about the future direction of the cryptocurrency.
With Bitcoin currently hovering below the $30K mark, market participants are speculating whether the upcoming data could trigger a surge that pushes BTC above the crucial $30K threshold.
In this Bitcoin price prediction, we will delve into the factors that could affect BTC’s movement while the market waits for the non-farm payrolls report.
Bitcoin Approaches $30,000 Mark Amid Growing Market Concerns Over Bank Troubles
The price of Bitcoin and other popular cryptocurrencies have increased over the past 24 hours, with BTC rising +1.40% and approaching the $30,000 milestone.
Reports suggest that this rise comes amid growing market tension, fueled by concerns about banks. PacWest Bancorp has come under scrutiny, thanks to broader concerns about regional banks in the US, particularly after the recent collapse of three similar institutions in California.
Crypto enthusiasts argue that this decline in trust in traditional fiat currencies may play a role in Bitcoin’s growing appeal.
The latest move in BTC’s price came right after market rumors swirled, suggesting another US bank failure could be imminent.
Matrixport, a cryptocurrency services firm, predicts that Bitcoin could see a 20% increase, reaching $36,000, if Thursday’s rate hike signals the end of the current cycle.
Bitcoin spent most of Thursday quietly hovering around $29,000, where it has remained for most of the past ten days.
Investors focused on rate hikes by US and European central banks and the latest failures in an escalating banking crisis.
NFP Impact on BTC: US Economy’s Slower Job Growth and Its Effect on Bitcoin
In April 2023, the US economy is forecast to add 180,000 jobs, the smallest increase since December 2020, and down from 236,000 in March.
Despite this, the figures for April are still well above the monthly job gain of 70,000-100,000 required to match growth in the working-age population.
Most job creation is expected in the service sector, especially in leisure and hospitality, while a decline in jobs in industry is expected.
The unemployment rate is forecast to rise slightly to 3.6% from 3.5%, still near the lowest point in five decades.
Wage growth is estimated at 0.3%, in line with March, and annual wage growth is expected to remain stable at 4.2%.
Bitcoin revenue by block increased by 18% in the first quarter during the fourth quarter
According to Block (SQ), a fintech startup, the Cash App segment generated $2.16 billion in Bitcoin sales for the first quarter, up 25% from Q1 2022 and up 18% from $1.83 billion in Q4 last year.
The total amount of Bitcoin sold to customers is what Block counts as revenue.
In the first quarter, Cash App earned $50 million in Bitcoin gross profit, up 43% from the previous quarter and up 16% year over year.
The company’s gross profit was $770 million in Q1, up 16% from the previous year.
The company’s interest in Bitcoin did not experience any impairment loss in the first quarter due to an increase in the price of the digital currency.
Block recorded a $9 million impairment charge on its Bitcoin investment in the fourth quarter and a $47 million impairment charge for the full 2022 fiscal year.
Overall, the business reported $5 billion in sales in the first quarter, which was $390 million more than expected.
Non-GAAP earnings per share of 40 cents also beat forecasts by 6 cents. Such a positive development helped BTC maintain its bullish momentum.
Bitcoin price
BTC/USD is trading at 29,274, up 0.25% on Friday. Amid the banking crisis, Bitcoin approaches the $30,000 level.
The latest increase in prices is due to current market tensions stemming from banking concerns.
On the four-hour chart, Bitcoin maintains its position above the 50-day exponential moving average, currently serving as a crucial support level around $28,700.
This level has previously served as a significant resistance for BTC during this week. Nevertheless, candle closing above $28,700 increases the chances of a bullish rally in BTC.
Bitcoin may find immediate support near the 27,600 level, indicated by a trend line on the 4-hour chart.
If the price breaks this critical 27,600 level, BTC could be on its way to the next support level at 27,200.
Alternatively, if BTC manages to break above the $29,600 mark, we could see the price heading north towards $30,400.
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Top 15 Cryptocurrencies to Watch in 2023
The market is filled with a number of promising cryptocurrencies, including new altcoins and pre-sale tokens that offer the potential for significant returns.
Consequently is Crypto news The Industry Talk team has compiled a list of the top 15 cryptocurrencies for 2023, each showing impressive short- and long-term growth potential.
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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