Bitcoin Price Prediction: BTC Surges Above $27,000; Key Level to Monitor Today
In a significant bullish move, the price of Bitcoin (BTC) has surged above the $27,000 level, capturing the attention of cryptocurrency investors and traders.
This upward movement has sparked optimism and speculation about the potential direction of BTC in the near term.
As Bitcoin reclaims this crucial level, market participants will closely monitor its price action and key levels to gauge the strength of the current bullish momentum.
In this Bitcoin price prediction, we will analyze the latest developments and highlight the important levels to watch as the market unfolds today.
In May, the United States experienced a higher-than-expected unemployment rate of 3.7%, surpassing the forecasted 3.5%.
Despite the unchanged labor force participation rate, this figure marked the highest jobless rate since October 2022.
Both the public and private sectors saw an increase of 339,000 payrolls during the month, indicating positive signs of job growth.
Furthermore, average hourly earnings, a significant indicator of inflation, saw a 0.3% rise for the month.
On an annual basis, wages grew by 4.3%, slightly below the estimated level by 0.1 percentage point. However, the average workweek decreased by 0.1 hours to 34.3 hours in the US.
These figures reflect the current state of the US labor market and provide insights into the economic landscape.
Bitcoin initially showed bullish momentum around the $27,200 level, but after the release of strong US non-farm payroll figures, a correction occurred, causing it to drop below $27,000.
However, BTC has reversed back and now it's trading above the $27,000 level.
The 50-day exponential moving average on the hourly timeframe acted as resistance, pushing bitcoin prices lower.
Currently, bitcoin is
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