Traders Predict Bitcoin Surge After US Unemployment Rate Reveal

Crypto traders forecast potential surges for Bitcoin.
A potential surge may occur as the market awaits US unemployment data later today.
The jobs report will likely influence the price actions of other cryptocurrencies as well.

Bitcoin’s (BTC) price has been volatile over the past few months, presenting consolidation periods and substantial movements. This has been highlighted by crypto analysts like Michael van de Poppe, stating that the leading crypto constantly flips levels within a range.

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Nonetheless, Poppe tweeted about cautious optimism, suggesting that Bitcoin stability at the $28.9K mark might trigger uptrends toward $30.5K. He also acknowledged the effect of unemployment rates in the US and news that might influence prices later today.

Though Bitcoin recorded substantial price swings recently, van de Poppe believes BTC has what it takes to regain momentum. Still, his analysis indicates economic conditions might further influence the asset’s price actions.

Bitcoin’s Bullish Pattern

Finbold had reported that the BTC price chart showed a rising wedge after Bitcoin’s recent slice. Traders consider the rising wedge setup a key technical pattern. They can use it to identify crucial price zones and possible trend reversals.

Crypto analyst Trader Tardigrade analyzed BTC’s rising wedge setup, concluding that the pattern is super bullish. While these technical patterns can offer valuable market insights, investors should consider other factors, including investor sentiment and macroeconomic developments. Trader Targitrade emphasized that Bitcoin is readying for an impeding bullish rally on 5th May.

The Day Ahead

The United States economic data will influence Bitcoin’s price actions in the afternoon. Weak NFP stats would catalyze recession fears, whereas wage growth will determine Fed’s financial policy outlook.

While today’s US unemployment report will influence prices, market players should monitor cryptocurrency news and follow Ripple vs. SEC updates. Court decisions would potentially limit the effect of the jobs report. Nonetheless, many trust BTC will have a bullish weekend.