Major cryptocurrencies fell on Wednesday as the market prepared for the upcoming U.S. jobs report and anticipated speeches from policymakers likely to advocate for interest rate cuts. However, Bitcoin’s price dropped by 2%, trading at $59,456, which has investors worried as it hovers near important support levels.
Upcoming U.S. Jobs Report
Adding to the uncertainty is the upcoming U.S. jobs report, which is set to be released on Wednesday by the Bureau of Labor Statistics (BLS), which could play a big role not just for traditional assets but also for cryptocurrencies like Bitcoin. Market experts believe the report will show a drop in job growth from April 2023 to March 2024, possibly by as many as 600,000 jobs.
Warning Signs for Bitcoin
Analysts are closely watching Bitcoin’s position near its 200-day Simple Moving Average (SMA). Historically, when Bitcoin’s price falls below this trend line, it often signals a longer period of decline.
Bitcoin’s Next Move: Bull or Bear?
With Bitcoin’s price at a crucial point and market-moving news on the way, the cryptocurrency is at a crossroads. If Bitcoin fails to break above the $60,000 mark, it could fall further to around $54,000. On the other hand, positive news from the U.S. jobs report could give Bitcoin the boost it needs to move higher to around $62,000.
As such, the near future will show whether Bitcoin continues its bearish trend or manages to recover with the help of new data and news.
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