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In a significant bullish move, the price of Bitcoin (BTC) has surged above the $27,000 level, capturing the attention of cryptocurrency investors and traders.
This upward movement has sparked optimism and speculation about the potential direction of BTC in the near term.
As Bitcoin reclaims this crucial level, market participants will closely monitor its price action and key levels to gauge the strength of the current bullish momentum.
In this Bitcoin price prediction, we will analyze the latest developments and highlight the important levels to watch as the market unfolds today.
BTC Rises as US Unemployment Rate Weakens
In May, the United States experienced a higher-than-expected unemployment rate of 3.7%, surpassing the forecasted 3.5%.
Despite the unchanged labor force participation rate, this figure marked the highest jobless rate since October 2022.
Both the public and private sectors saw an increase of 339,000 payrolls during the month, indicating positive signs of job growth.
Furthermore, average hourly earnings, a significant indicator of inflation, saw a 0.3% rise for the month.
On an annual basis, wages grew by 4.3%, slightly below the estimated level by 0.1 percentage point. However, the average workweek decreased by 0.1 hours to 34.3 hours in the US.
These figures reflect the current state of the US labor market and provide insights into the economic landscape.
Bitcoin Price Prediction
Bitcoin initially showed bullish momentum around the $27,200 level, but after the release of strong US non-farm payroll figures, a correction occurred, causing it to drop below $27,000.
However, BTC has reversed back and now it’s trading above the $27,000 level.
The 50-day exponential moving average on the hourly timeframe acted as resistance, pushing bitcoin prices lower.
Currently, bitcoin is seeking the support of around $26,600, and a break below this level could lead to further downward momentum.
Bitcoin Price Chart – Source: Tradingview
It is worth noting that on larger timeframes, bitcoin has formed a descending triangle pattern, which often precedes a breakout.
This pattern, combined with the double bottom support at $26,600, is creating resistance around $27,000 to $27,500.
In terms of potential price targets, a break below $26,600 could open the door to $26,000 support.
On the other hand, if Bitcoin manages to break above $27,275, the next target could be around $27,500 or even higher near $27,800.
Traders should closely monitor the $27,250 level and consider taking positions until $26,600.
It is important to stay updated on the latest market trends and price movements to make informed decisions in bitcoin trading.
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