{"id":4504,"date":"2023-05-05T07:02:42","date_gmt":"2023-05-05T11:02:42","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bitcoin-is-near-a-key-level-how-jobs-data-could-spur-a-new-rally\/"},"modified":"2023-05-05T07:02:43","modified_gmt":"2023-05-05T11:02:43","slug":"bitcoin-is-near-a-key-level-how-jobs-data-could-spur-a-new-rally","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=4504","title":{"rendered":"Bitcoin Is Near a Key Level. How Jobs Data Could Spur a New Rally."},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

\n Bitcoin
\n and other cryptocurrencies were little changed Friday as the all-important monthly U.S. jobs report loomed. With digital assets at key technical levels\u2014and vulnerable to macroeconomic forces\u2014there is potential for volatility ahead.<\/p>\n

The price of Bitcoin hovered around flat over the past 24 hours at near $29,100, remaining below $30,000, which it topped in April for the first time since last June amid a rally that has carried it some 70% higher this year. Bitcoin has since failed to consolidate above $30,000, viewed as technically and psychologically important because it represents where prices stood before the brunt of the bear market selloff.<\/p>\n

\n

\u201cThe first cryptocurrency overcame a sharp decline on May 1 and is now testing downside resistance through last month\u2019s local highs,\u201d said Alex Kuptsikevich, an analyst at broker FxPro, referencing the zone near $30,000 that Bitcoin has struggled to retake. \u201cA consolidation above this level would be a significant signal for buyers and could trigger a growth surge.\u201d<\/p>\n

The U.S. jobs report for April lies ahead as a key catalyst, and is likely to swing the
\n Dow Jones Industrial Average
\n and
\n S&P 500
\n as much as Bitcoin. As risk-sensitive assets, both stocks and cryptos are vulnerable to macro forces that could shape the future of monetary policy from the Federal Reserve. The central bank\u2019s aggressive tightening of financial conditions\u2014this week, it raised interest rates for the 10th time in 14 months\u2014has been a driving force behind declines across both equities and Bitcoin.<\/p>\n

Markets are pricing in a decent chance that the Fed\u2019s quarter-point rate hike this week will be the last, but the central bank has said it will continue to watch data to guide its inflation-fighting campaign. Tightness in the labor market has remained an inflationary force, putting increased emphasis on the monthly U.S. jobs report in recent months.<\/p>\n

Economists surveyed by FactSet expect the U.S. to have added 180,000 jobs last month, down from 236,000 in March. Alongside the headline jobs figure, investors want to see other signs that labor market tightness is subsiding, such as in wage growth.<\/p>\n

\u201cA tempestuous week for global markets will come to a crescendo today,\u201d said Marios Hadjikyriacos, an analyst at broker XM. \u201cWith the markets now pricing in almost even chances for the Fed to cut rates in July, the stakes are high.\u201d<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014was flat at $1,900. Smaller cryptos or altcoins were slightly weaker, with both
\n Cardano
\n and
\n Polygon
\n down 1%. Memecoins exhibited similar action, with
\n Dogecoin
\n and
\n Shiba Inu
\n each shedding 1%.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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