Will Bitcoin Plunge Or Rise After US Job Data? These Are The Potential Levels For BTC Price

As Bitcoin continues to dominate headlines with increased price fluctuations, traders wonder whether Bitcoin will tumble to $25,000 or catapult to $30,000 in the upcoming hours. The possibility of a dip to $25,000 is anchored in global regulatory measures and various macro events, such as US employment data. However, the prospect of Bitcoin soaring beyond $30,000 remains viable as numerous institutional companies concentrate on acquiring BTC. Notably, MicroStrategy recently bolstered its balance sheet with an additional 1,045 Bitcoin.

Bitcoin Price Shows Promises Amid Macro Events

Recently, the U.S. labor market demonstrated sustained vigor, with the Bureau of Labor Statistics (BLS) revealing an increase of 236,000 jobs in March, a figure slightly below the economist projections of 239,000. 

As the data indicates a robust job creation rate in the US, it reflects a positive outlook for overall economic health. Consequently, investor confidence is likely to be boosted, leading to increased investments across various assets, including cryptocurrencies like Bitcoin. 

Moreover, Mt. Gox will soon start repayment of 142K Bitcoin, which will increase volatility in the BTC price chart. The repayment process may slightly increase the supply of new Bitcoin, potentially impacting the price of the leading digital asset. Although it is plausible to expect some fluctuations in Bitcoin’s value, the chances of a significantly detrimental event remain relatively low.

Edward Moya, a prominent analyst at broker Oanda, said:

“When a plethora of markets will be closed, we will see if traders will look to take advantage of the one market that trades 365 days a year. Bitcoin remains near the upper boundaries of its trading range and could see a good chance to breach the $30,000 level over the weekend.”

Is An Upswing Waiting For BTC Price?

The $28,000 mark seems to pose substantial hurdles for Bitcoin in the short term. The price has lingered around this level for several days, with no clear indication of significant momentum to drive it in a specific direction. 

Bitcoin’s price stayed within a narrow range beneath the $28,850 resistance area, finding it difficult to surpass the $28,200 resistance and consequently prolonging its decline. The downward trend continued below the $27,800 level, with the price reaching a low of $27,200 before entering a period of consolidation.

At the time of writing, the BTC price hovers around $27.9K, with no definitive movement in either direction. Analyzing the hourly price chart, Bitcoin currently forms two scenarios. If the BTC price breaks above the $28.2K level, a clear upward call to $29K is expected. 

On the other hand, in the bearish scenario, a decline below the EMA-20 trend line could intensify the downtrend for Bitcoin, potentially reaching $27K by the weekend.