{"id":44980,"date":"2023-08-05T22:08:12","date_gmt":"2023-08-06T02:08:12","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/bitcoin-price-prediction-btc-is-steady-above-29000-all-eyes-on-us-nfp-figures\/"},"modified":"2023-08-05T22:08:14","modified_gmt":"2023-08-06T02:08:14","slug":"bitcoin-price-prediction-btc-is-steady-above-29000-all-eyes-on-us-nfp-figures","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=44980","title":{"rendered":"Bitcoin Price Prediction; BTC is Steady Above $29,000; All Eyes on US NFP Figures"},"content":{"rendered":"
\n

Bitcoin’s price is trading choppy above the $29,000 threshold, and has captured the attention of traders and investors.\u00a0<\/p>\n

With a current price of $29,216 and a 24-hour trading volume of $12.4 billion, Bitcoin’s performance is being closely monitored by market participants.<\/p>\n

However, all eyes are also on the upcoming release of the US Non-Farm Payrolls (NFP) figures, as the data could potentially have a significant impact on Bitcoin’s trajectory.\u00a0<\/p>\n

Let’s examine the Bitcoin price prediction and how the NFP figures might impact the cryptocurrency market.<\/p>\n

USD Strengthens Ahead of Anticipated Non-Farm Employment Data Release<\/strong><\/h2>\n

Ahead of Friday’s scheduled release of Non-Farm Employment data, the USD has shown signs of strength.\u00a0<\/p>\n

This positive outlook is due to the anticipation of July’s figures, with the market expecting a decrease of 6K jobs from June, bringing the total to around 203K.\u00a0<\/p>\n

Additionally, the Average Hourly Earnings for July are predicted to be at 0.3%, a slight drop from June’s 0.4%. Overall, there are expectations for a better-than-average report.<\/p>\n

Surprising Numbers Lead to Changes in Market Pricing<\/strong><\/h2>\n

The recent increase in the price of Bitcoin is mainly due to its strong performance on the Cash App platform by Block.\u00a0<\/p>\n

Although there was a small decrease in Bitcoin profits in comparison to the first quarter of 2023, they are still 7% higher than last year.<\/p>\n

<\/oembed><\/figure>\n

Block Inc., a payment technology company, announced impressive Q2 results, with a 34% YoY increase in Bitcoin revenue, reaching $29,216.<\/p>\n

During the Q2 earnings call, the company revealed that they made a staggering $2.4 billion in Bitcoin sales on the Cash App, resulting in a gross profit of $44 million, which is a 7% increase from the previous year.\u00a0<\/p>\n

It’s worth noting that Bitcoin sales contributed to almost half of Block’s total Q2 revenue of $5.53 billion, marking a 25.6% YoY increase.\u00a0<\/p>\n

This surge is attributed to customers’ resilience in purchasing the crypto asset, despite its year-long price decline.<\/p>\n

Investors’ Drive Surge in Cryptocurrency Purchases<\/strong><\/h2>\n

Binance’s recent announcement of new trading pairs and a zero-fee trading program may have contributed to the surge in Bitcoin’s value.<\/p>\n

Users can now trade Bitcoin\/First Digital USD (BTC\/FDUSD) and Ether\/First Digital USD (ETH\/FDUSD) pairs without any maker or taker fees through the Zero-Fee Bitcoin Trading Program.<\/p>\n

In addition, the availability of the First Digital USD (FDUSD) stablecoin on Binance has expanded trading options.\u00a0<\/p>\n

<\/oembed><\/figure>\n

It’s important to note that some investors are cautious about FDUSD’s impact on the market due to its relatively low market cap of $257 million.\u00a0<\/p>\n

However, its availability on Binance could potentially increase its market cap. This move by Binance follows recent changes in its fee structure, which have affected market share and trading volumes.<\/p>\n

Bitcoin Price Prediction\u00a0<\/strong><\/h2>\n

Bitcoin’s recent market movements were carefully analyzed using a 4-hour timeframe, revealing a constrained trading range.\u00a0<\/p>\n

During this period, the cryptocurrency encountered resistance near the $30,000 level, while finding support at approximately $29,000.<\/p>\n

As of now, prominent technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) signal a bearish trend for Bitcoin.<\/p>\n

Looking at the Bitcoin price chart from Tradingview, we observe that the digital currency has witnessed a downward trajectory, reaching the $29,100 mark.<\/p>\n

This decline could potentially continue, pushing Bitcoin’s price further down to $28,700. Nevertheless, there is a possibility that Bitcoin might discover support around the $28,700 level during this ongoing descent.<\/p>\n

If it breaks below this support, the next targeted level could be at $28,200.\u00a0<\/p>\n

Top 15 Cryptocurrencies to Watch in 2023<\/strong><\/h2>\n

Stay informed about the latest initial coin offering (ICO) projects and alternative cryptocurrencies by regularly exploring our carefully selected collection of the top 15 digital assets to watch in 2023.<\/p>\n

This thoughtfully curated list has been compiled by industry experts from Industry Talk and Cryptonews<\/i>, ensuring that you receive professional recommendations and valuable insights.<\/p>\n

Stay ahead of the game and discover the potential of these cryptocurrencies as you navigate the ever-changing world of digital assets.<\/p>\n

Find The Best Price to Buy\/Sell Cryptocurrency<\/strong><\/h2>\n

Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.<\/sup><\/i><\/p>\n<\/p><\/div>\n