Bitcoin Price Prediction as BTC Rockets Past $30,000 Level for The First Time Since April – Can BTC Keep Rising?
Bitcoin's price has surged above the $30,000 level, marking a significant milestone not seen since April.
This remarkable rally prompts the question: Can Bitcoin sustain its upward momentum and continue to rise?
However, it is important to note that Bitcoin faces solid resistance near the $30,700 mark, forming a double-top pattern.
The critical question remains: Will Bitcoin manage to break through this resistance or face a potential drop? Let's delve into the analysis to gain further insights.
The recent release of unemployment claims data and the current account deficit report have important implications for the Bitcoin market.
Here are the key points:
Steady High Unemployment Claims: The number of individuals filing for state unemployment benefits remained at a 20-month high for the third consecutive week.
This trend indicates a potential weakening in the labor market as the Federal Reserve tightens credit conditions.
Last week, 264,000 new claims were filed, matching the previous week's elevated level, the highest since October 2021.
Economists' expectations were slightly lower at 260,000.
Decrease in Continued Claims: The number of individuals receiving unemployment benefits beyond the first week decreased to 1.759 million.
This figure was slightly below economists' median estimate of 1.782 million, suggesting a mixed picture in terms of ongoing joblessness.
Widened Current Account Deficit: The US current account deficit, which measures the flow of goods, services, and investments, expanded slightly in the first quarter of 2023.
After three-quarters of narrowing, the deficit grew to $219.3 billion from a revised $216.2 billion in the previous quarter. Economists had projected a widening to $217.5 billion.
These economic
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