Bitcoin has maintained its position above a critical support level, exhibiting sideways trading as it anticipates a significant move. Meanwhile, traditional markets have experienced notable developments, with certain indicators suggesting possible market changes. This comes ahead of the forthcoming U.S. nonfarm payrolls (NFP) report for September, which is expected to show a decrease to 170,000 from the previous month's figure of 187,000.
Positive Nonfarm Payroll data can influence Bitcoin's price. Robust job growth is usually viewed as a positive economic signal, boosting investor confidence and possibly strengthening the US dollar. However, the actual effect on Bitcoin's price is variable, shaped by factors like market sentiment, macroeconomics, and investor choices. Vigilant monitoring of market responses and trends is essential to gauge Bitcoin's potential price impact following the release of Nonfarm Payroll data.
According to Coingabbar Price Analysis, Bitcoin struggled to surpass its early-week highs, with conflicting BTC price predictions. It faced rejection at $28,000 after Wall Street's opening on October 5, failing to revisit six-week highs. The 100-day EMA serves as immediate support at $27,350, favoring buyers. Bulls are battling bears to breach the $28,000 resistance, marked by a persistent falling trendline. Bitcoin has faced rejection from this trend multiple times since July, making a return to $30,000 unlikely until it's broken. The RSI shows a bullish trend, nearing overbought territory, with a bullish divergence reinforcing bullish sentiment in the market.
KEY LEVELS :
RESISTANCE LEVEL : $27,900-$28,200
SUPPORT LEVEL : $27,300-$26,800
Will Bitcoin's price prediction be affected by the threat of BTC inflows jeopardizing "Uptober" gains? Is a bearish signal looming, with possibilities of $20K or $30K for BTC? What can we anticipate for BTC price movements this month? And could the NON Farm Payroll Data have an impact on Bitcoin's price? Please share your views in the comments below.
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
