Bitcoin is showing strong upward movement, surging all the way to the $70,000 price level. However, despite the renewed bullish momentum, there are several upcoming macro events to watch out for that could influence the price trajectory of BTC in the short term.

Will Labor Market Data Release Signal Bitcoin’s Next Direction?

Market participants are curiously monitoring Bitcoin’s short-term price forecast as they anticipate the publication of the key United States labor market data this week. A stronger data release could cause turbulence in the crypto landscape and the financial markets.

Crypto analyst and Chief Executive Officer (CEO) of Into The Cryptoverse, Benjamin Cowen, claims the report, which will offer information on job levels and wage growth, is expected to have a significant impact on Bitcoin’s near-term direction. The expert’s prognosis comes as BTC’s market dominance holds strong, drawing closer to the critical 60% threshold, where market conditions may change drastically.

According to Benjamin Cowen, while the current view has proved accurate so far, Bitcoin, after rallying to the $68,000 level, would essentially lose some of its momentum and only make a new major move upward following the labor market data release this week. Results from other upcoming events, like the FOMC meeting and the US Presidential election, are also expected to influence the price of the crypto asset.

Cowen highlighted that the cyclical view of BTC predicts that it will rise in the Go to Source to See Full Article
Author: Godspower Owie

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