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- Bitcoin price rebounds amid Iran-Israel conflict, gaining 7% on strong U.S. Jobs Report.
- BTC price broke through the 20-day and 50-day EMA bands, supported by the 200-day EMA.
- The market is speculating on Bitcoin‘s chances to reach $100,000 by the end of 2024.
In the past four days, Bitcoin (BTC) has experienced a nearly 7% gain, rebounding from the price drop caused by the Iran-Israel conflict. This renewed optimism is largely attributed to the positive U.S. Jobs Report released on October 4th, 2024, which exceeded expectations.
This week’s strong momentum has seen BTC price effortlessly move through the 20-day and 50-day EMA bands, bolstered by significant support from the 200-day EMA band.
The jobs report painted a bullish picture for the market, with BTC’s price surging past the $63,500 mark. Consequently, the global crypto market cap has increased by 2.85% to $2.22 Trillion, and total market volume has risen by 50% to $53.64 Billion.
However, after BTC crypto‘s impressive intraday performance, some turbulence has been observed near the $63,500 level. This volatility may be due to some investors booking profits after the recent rise.
Keep reading for more insights on whether BTC’s price will continue to climb or succumb to selling pressure as it intensifies.
What Was In U.S. Jobs Report That Led To Bullishness In BTC Price?
The Bureau of Labor Statistics (BLS) report highlights significant payroll growth, a slight decrease in the unemployment rate, and moderate wage increases. In September, nonfarm payrolls increased by 254,000, a notable rise from the revised 159,000 in August, exceeding economists’ expectations.
Average hourly wages for private nonfarm payroll employees grew by 0.4%, reaching $35.36. Over the past year, wages have increased by 4.0%, indicating steady but controlled wage inflation.
The unemployment rate fell to 4.1% in September from 4.2% in August, with 6.8 million people still unemployed in the U.S. Employment continued to rise in sectors such as restaurants and bars, health care, government, social assistance, and construction.
This report presents a positive outlook for the U.S. economy, with stronger-than-expected job gains and steady wage growth. This suggests that a robust labor market is driving economic expansion.
The U.S. Jobs Report has positively influenced market sentiment, easing fears of an economic downturn and stabilizing demand for riskier assets like cryptocurrencies. Investors are optimistic that the U.S. can avoid a recession, further boosting risk appetite.
Will BTC Price Cross $100,000 This Year?
When Bitcoin’s price fell to $60,000, the market was rattled by the Iran-Israel conflict. However, the U.S. Jobs Report acted as a savior, boosting BTC back up and significantly increasing investor risk appetite. This has led to speculation that Bitcoin might finally reach the long-anticipated $100,000 mark.
A recent tweet by crypto trader @TheDonOfApes further fueled market optimism. He shared a drawing predicting that Bitcoin could break out by the end of 2024, with potential targets of $93,000 and $133,000. According to him, strong signs indicate this breakout is likely.
However, if Bitcoin crypto fails to reach a new high this year, it might fall back to its support line, which has been in place since 2023. In that case, the anticipated BTC price surge could be postponed to next year.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
