Bitcoin Price Prediction as Bulls Hold BTC Above $28,000 Support – Is a BTC Upswing Imminent?
Bitcoin enthusiasts and investors are closely monitoring the market as bulls manage to maintain the flagship cryptocurrency's price above the critical $28,000 support level. This key milestone has rekindled hopes for a potential upswing in the near future, with many speculating on the factors that could drive Bitcoin's value higher.
As various technical indicators and global economic events come into play, market participants eagerly await the outcome of this battle between the bulls and bears, seeking to capitalize on the next big move.
The question on everyone's mind is – will the steadfast support at $28,000 be enough to ignite a Bitcoin rally?
The US job market report for March, scheduled for release on Friday, holds the potential to impact the Bitcoin market significantly. Market participants will pay close attention to non-farm payroll data (the net change in employment numbers in the economy), which is projected to drop to 239,000 from 311,000 the previous month, as well as indicators of labor market slack and wage growth.
Indicators such as the unemployment rate reveal that, until now, the US labor market has been in a historically strong position over the past year or so. The unemployment rate for March is anticipated to remain near multi-decade lows at 3.6%.
Meanwhile, wage growth continues to outpace the Federal Reserve's 2.0% inflation target, although it has gradually slowed down in recent months. Further easing is expected to be seen in the upcoming Friday report.
In a recent statement, a US Presidential candidate opposed the Federal Reserve's plans for a Central Bank Digital Currency (CBDC). The candidate argued that implementing a CBDC could potentially lead to the banning and seizing of cryptocurrencies like
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