Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• The unemployment rate remained steady, but hourly earnings increased compared to February 2023.
• Open interest rates and addresses holding more than 1 BTC increased. 

Following a strong US jobs report, Bitcoin [BTC] finally broke above its range and retested the $30k price zone. BTC has been trading within the $26.8k – $28.8k range, setting the altcoin market into varying price consolidation and short pullbacks. 

Read Bitcoin’s [BTC] Price Prediction 2023-24

Despite being a holiday, the US Labor Department issued the jobs report on 7 April. According to the report, nonfarm payrolls increased by 236,000 jobs in March, marginally below the estimated 240k. 

The unemployment rate remained steady at 3.5% while labor force participation increased to pre-pandemic levels. In addition, the hourly earnings rose 0.3% more than in February as annual gain cooled to 4.2%, slightly below February’s 4.6% – showing a strong labor market. 

Finally, the long-awaited breakthrough to $30k

After a strong upswing induced by the US banking crisis around 13 March, BTC has been consolidating narrowly around $28k. At press time, BTC broke above the range and zoomed into the $29.5k – 31.4k range, appreciating by over 6% in the past 24 hours. 

BTC could attempt to retest the $31.4k resistance level if the bullish sentiment remains. The next likely range target is $31.

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Author: Suzuki Shillsalot

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