In a significant bullish move, the price of Bitcoin (BTC) has just break through the $27,000 level, catching the attention of cryptocurrency investors and traders. This upward move is fueling both optimism and speculation about BTC’s potential direction in the near term.
As Bitcoin crosses this crucial level, market players need to watch some key next levels closely to gauge the strength of the current bullish momentum. In this Bitcoin price prediction, we will highlight these important levels to watch as today and tomorrow’s session unfolds.
BTC Rises as US Unemployment Rate Deteriorates
In May, the US unemployment rate turns out to be higher than expected, displaying 3.7% against a forecast rate of 3.5%. Despite an unchanged participation rate, this figure represents the highest unemployment rate since October 2022.
However, in terms of job creation, growth is still there: the public and private sectors recorded a net increase of 339,000 jobs during the month.
Lastly, average hourly earnings, a significant indicator of inflation, rose 0.3% during the month. And, on an annual basis, salaries increased by 4.3%slightly below 0.1 point of the level predicted by forecasters.
Bitcoin Price Prediction
Bitcoin initially showed a bullish momentum around the $27,200 level, but after the release of the US Non-Farm Payrolls figures, a correction occurred, taking it temporarily below $27,000. However, BTC has recovered and is trading this morning above the $27,000 level, posting a 0.85% rise over 24 hours to $27,145.
The hourly 50-day exponential moving average acted as resistance, pushing Bitcoin price lower. Currently, Bitcoin has a support level at around $26,600and a break below this level could lead to further downward momentum.
It should be noted that over longer time frames bitcoin has formed a descending triangle pattern, which often precedes a breakout. This pattern, combined with the double dip support at $26,600, creates resistance around $27,000-$27,500.
In terms of potential price targets, a break below $26,600 could open the door for a support level at $26,000. On the other hand, if Bitcoin manages to break above the $27,275 threshold, THE next target could be around $27,500 or even closer to $27,800. Traders must keep a close eye on the $27,250 level and consider taking positions down to $26,600.
Two altcoins that could explode
Beyond classic cryptocurrencies, there are other opportunities with totally innovative new crypto projects and backed by large-scale entrepreneurial projects. We have selected two that should offer great results, starting this year!
DeeLance (DLANCE): a revolutionary freelance platform
With a presale that has now entered its fourth stage, Deelance is a real success. The revolutionary freelance platform project native token, $DLANCE has already reached $0.038 and allowed to raise $1.2 million.
Many cryptocurrency experts consider Dee Lance as one of the most promising Web3 start-ups of 2023, because it is positioned in a huge market (the recruitment sector is valued at $761 billion) which it intends to disrupt by introducing decentralization and blockchain transparency, between freelancers and employers.
There is no more time to lose for investors who still want participate in the DeeLance project which shows theoretical gains of 50% until the end of the presale.
Launchpad XYZ (LPX): a platform for launching cryptos with great potential
Launchpad XYZ is a cryptocurrency launch platform which is revolutionizing the process of introducing new crypto projects. Indeed, Launchpad XYZ relies on a rigorous selection of projects and an approach based on transparency and trust. It thus offers investors a privileged access to innovative cryptocurrencies from their initial phase.
The platform will also have its own NFT marketplace as well as an innovative wallet system. To participate in the adventure of this complete ecosystem, THE native token of the platform, the $LPX, is now available and the earnings outlook is definitely among the best of 2023 according to some altcoin experts.
This article does not represent investment advice in any way. Investing in cryptocurrency involves risk and can lead to significant losses. You should only invest what you can afford to lose and do your own research before making any investment decisions.
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