In the wake of recent market fluctuations, Bitcoin (BTC) demonstrates resilience by maintaining a steady posture above the critical level of $29,000. As investors across the globe grapple with continuous market challenges, they remain hopeful that the leading cryptocurrency will weather the storm. Despite facing substantial selling pressure, BTC has not plunged below this critical support level, showcasing its stability in tumultuous market conditions. Let’s analyze further in this Bitcoin price prediction article.
U.S. NFP Figures and Their Impact on BTC
Investors and market analysts are eagerly waiting for the upcoming U.S. Non-Farm Payrolls (NFP) data. These figures, which indicate the number of paid workers in the U.S. excluding farm employees and a few other job categories, play a significant role in shaping market trends. Not only do they impact traditional financial markets, but they also sway the crypto world, including BTC price dynamics.
The current NFP data released (4th of August 2023) looked bearish. This should impact crypto prices lower or in the best case, prices can continue consolidating.
Will NFP data affect Bitcoin Prices?
Various market experts speculate about the potential impact of the NFP figures on the price of BTC. Some believe that a favorable NFP outcome could trigger a bullish momentum, pushing BTC prices upward. Conversely, if the NFP data doesn’t meet market expectations like it did today, it could incite a bearish sentiment in the market, causing BTC prices to further consolidate or even dip slightly.
Bitcoin Price Prediction: Bullish Prices Soon?
Currently, BTC trades above $29,000, resisting a downward pull despite market-wide selling pressure. However, the question remains: Will BTC manage to hold its ground post the NFP data release? Now that NFP data were negative, we can confirm the current correlation between cryptos and legacy markets. If Bitcoin manages to break the $30,000 price mark during the weekend, we can confirm that this correlation is negative.
However, if we see an extended consolidation or even price dips below $29,000, we can say that crypto investors do also look at legacy markets.
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Source: https://cryptoticker.io/en/bitcoin-price-prediction-as-btc-consolidates-at-29k/