Bitcoin Price Prediction as BTC Pulls Back 2% – Where is the Next Buy Zone?
Bitcoin has seen a significant pullback over the past few days, causing many investors to question where the next buy zone is. By using price prediction models and technical analysis, investors can get an idea of where Bitcoin might be headed in the near future.
On February 3, despite the release of exceptionally better-than-expected US Nonfarm employment figures, the leading cryptocurrency Bitcoin consolidated in a narrow range of $23,300 to $23,750.
At the beginning of 2023, the job market looked incredibly positive due to an impressive increase in nonfarm payrolls compared to July 2022. According to a Labor Department report on Friday, January's nonfarm payrolls experienced an increase of 517,000, which was higher than the Dow Jones forecast of 187,000 and December's gain of 260,000.
According to Michelle Meyer, the chief U.S. economist of the Mastercard Economics Institute, the report was "phenomenal". This raises questions regarding how job growth can be maintained in light of certain economic instability.
It is evident that there is an enormous need for workers in many industries during this time. Companies have been exerting efforts to make sure their staffing levels are adequate for current business needs.
Statistics show that the unemployment rate has reached its lowest level since May 1969, at 3.4% compared to the estimated 3.6%. Additionally, the labor force participation rate increased to 62.4%.
The official unemployment rate rose to 6.6% in June, however when including those with part-time jobs for economic reasons or those who are discouraged about their job prospects the rate rises to 8.9%.
According to the Labor Department's household survey, the number of unemployed people rose by a significant 894,000 in
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