Bitcoin enthusiasts eagerly await the publication of data on non-farm employment in the United Stateswhich could provide clues about the future direction of the cryptocurrency.
While Bitcoin is currently hovering below $30,000market players are wondering if the upcoming data could trigger a push that would send BTC above the crucial $30,000 threshold.
In this Bitcoin price prediction, we will dive into the factors that can influence BTC’s momentum as the market waits for the Non-Farm Payrolls report.
Bitcoin Approaches $30,000 Mark Amid Growing Worries Over Banking Troubles
The price of Bitcoin and other popular cryptocurrencies has been rising over the past 24 hours, BTC climbing +0.3% and approaching $30,000.
Reports suggest the rise comes amid growing market stress, fueled by concerns surrounding banks. PacWest Bancorp has come under intense scrutinydue to broader concerns about regional banks in the United States, particularly following the recent collapse of three similar institutions in California, including First Republic acquired by JP Morgan Chase.
Crypto scholars claim that this decline in confidence for traditional fiat currencies could play a role in Bitcoin’s growing appeal.
The latest BTC price trend change came just after market rumors emerged suggesting that another US bank failure may be imminent.
Matrix porta cryptocurrency services company, predicts that Bitcoin could see a 20% increase, reaching $36,000if Thursday’s interest rate hike signals the end of the current cycle.
Bitcoin spent most of Thursday hovering quietly around $29,000, where it has remained for the majority of the past ten days.
Investors focused on US and European central bank interest rate hikes and on the latest bankruptcies of a deepening banking crisis.
Impact of Non-Farm Employment Numbers on BTC
In April 2023, the US economy is expected to create 180,000 jobsmarking the smallest increase since December 2020, and a drop from 236,000 in March.
Despite this, April figures remain well above required monthly job gain of 70,000 to 100,000 to match the growth of the working-age population.
Most job gains are expected in the service sector, particularly in leisure and hospitality, while a decline in manufacturing jobs is expected.
The unemployment rate is expected to rise slightly to 3.6% from 3.5%still close to its lowest point in five decades.
Wage growth is estimated at 0.3%, in line with March, and annual wage growth is expected to remain stable at 4.2%.
Block’s Bitcoin revenue increased 18% in the first quarter compared to the previous quarter
According Block (SQ), a FinTech start-up, its Cash App segment generated $2.16 billion in Bitcoin sales in the first quarter, in 25% increase compared to the first quarter of 2022 and 18% from $1.83 billion in the fourth quarter of last year.
The total amount of Bitcoin sold to customers is what Block counts as revenue.
In the first trimester, Cash App Made $50 Million Gross Profit in Bitcoinup 43% from the previous quarter and up 16% year over year.
The company’s gross profit was $770 million in the first quarter, up 16% from a year earlier.
The company did not suffer a loss in bitcoin value in the first quarter due to a surge in the price of the digital currency.
Nonetheless, Block recorded an impairment charge of $9 million for its Bitcoin investment in the fourth quarter and an impairment charge of $47 million for the full year 2022.
Overall, theCompany Reported First-Quarter Sales of $5 Billion, $390 Million More Than Expected.
Earnings per share of 40 cents also beat expectations by 6 cents. These positive developments have helped BTC maintain its bullish momentum.
The price of bitcoin
The BTC/USD pair is trading at $29,200increasing by 0.3% over 24 hours, this Friday. Amid the banking crisis, Bitcoin is slowly approaching the $30,000 level.
The recent increase in the price of BTC is due to the current tensions in the market stemming from concerns about many banks.
On the four-hour chart, Bitcoin is holding its position above the 50-day exponential moving average, currently acting as a crucial support level around $28,700.
This level has already served as a significant resistance for BTC during this week. Nevertheless, the close of candles above $28,700 increases the chances of a bullish rally in BTC.
Bitcoin could find immediate support near the $27,600 level, indicated by a trendline on the 4-hours chart.
If the price drops below this critical level of $27,600, BTC could be on its way to the next support level at $27,200.
Conversely, if BTC manages to break above the $29,600 markwe could see its price heading higher towards $30,400.
Top 10 Alternatives to Bitcoin and Ethereum to Watch
Cryptonews Reviewed top 10 cryptocurrencies for 2023. If you are looking for a higher potential investment opportunity, there are many other projects worth considering.
Disclaimer: This linked article presents the views of crypto industry players and is not part of the editorial content of Cryptonews.com.
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