Will Bitcoin price increase as Non Farm Payroll Data is released?
There has been a notable impact on the price of Bitcoin following the recent release of the Non-Farm Payroll data. The data revealed positive job growth in the United States, which caused market sentiment to favor a bullish outlook for the US dollar. As a result, Bitcoin experienced a downward movement. Traders and investors are closely analyzing this reaction and assessing its implications for the future trajectory of Bitcoin. The market’s response to the Non-Farm Payroll data highlights the complexity and unpredictability of the cryptocurrency market, reminding us of the need for careful analysis and monitoring of economic indicators when predicting Bitcoin’s price movements. The US Bureau of Labor Statistics released the Nonfarm Payroll data for May, reporting a significant increase of 339,000 jobs, which exceeded market expectations. Additionally, the Unemployment Rate rose to 3.7%, while the Labor Force Participation rate remained steady at 62.6%. Market reaction to the positive data was swift, with the US Dollar Index reversing its earlier losses and turning positive, surpassing the 103.50 level. Furthermore, the benchmark 10-year US Treasury bond yield experienced an upward shift, rebounding to 3.65%. Despite the strong data, market expectations for the US Federal Reserve remain unchanged. The positive Nonfarm Payroll data release can have an impact on the price of Bitcoin, but the exact impact can vary and is influenced by a range of factors. Currently, Bitcoin is priced at $26,954, showing a less than 0.50% increase in the past 24 hours, and traders are monitoring the potential impact of the Nonfarm Payrolls data release on Bitcoin’s price movements.
This is a technical analysis of Bitcoin’s price movement. There is currently a descending triangle pattern and double bottom support at the $26,600 level. This is causing resistance at the $27,000 to $27,500 levels.
If Bitcoin breaks below the $26,600 level, the next support level would be at $26,000. On the other hand, if Bitcoin manages to break above the $27,275 level, the next target would be around $27,500 or even higher, around the $27,800 level.
It is important to monitor the $27,250 level and consider taking positions until the $26,600 level. It is advisable to stay updated on the market trends and price movements to make informed decisions regarding Bitcoin trading.
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