Top Analyst Breaks Down Latest Unemployment Data, Says ‘Music Keeps On Playing’ for Bitcoin

Bitcoin
dailyhodl.com 07 April 2023 19:32, UTC    Reading time: ~2 m

A widely followed crypto analyst is telling traders that the latest US unemployment data is good news for Bitcoin (BTC).

Crypto trader Michaël van de Poppe tells his 652,300 Twitter followers that the music will continue to play for BTC… for now.

“Unemployment Data comes in at 3.5%, while 3.7% was expected.

Good data for now, other data is worse this week, matter of time.

Bitcoin goes up for now, the music keeps on playing.”

Van de Poppe says that if the king crypto can remain above the $27,600 price level, it could jump to $30,000 next.

“Bitcoin remains in a boring state of mind.

Consolidating for weeks, while old altcoins are breaking out.

I’m still looking at support here, through which $27,600 needs to sustain.

If that’s lost, $25,000-$25,400 seems likely.

Holding here through NFP [non-farm payrolls] -> $30,000 next.”

Top Analyst Breaks Down Latest Unemployment Data, Says ‘Music Keeps On Playing’ for Bitcoin0 Source: Michaël van de Poppe/Twitter

As for the coming days, Van de Poppe expects this weekend to be a calm one for the leading crypto by market cap.

“Very calm weekend coming up on Bitcoin.

Price action remained flat and the longer we stay in this range, the heavier the impulse will be.

Based on the fact that we’re coming from $15,000, I’d assume we’ll be seeing strong continuation.

For now, support at $27,600 is sustaining.”

Top Analyst Breaks Down Latest Unemployment Data, Says ‘Music Keeps On Playing’ for Bitcoin1 Source: Michaël van de Poppe/Twitter

BTC is worth $27,974 at time of writing.



Source

Updated: 04/09/2023 — 01:00

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