Bitcoin (BTC) is still trying to hold the $20,000 level, with macroeconomic factors continuing to be unfavorable for the major cryptocurrencies. After briefly dropping to $19,000, the asset is eyeing a potential rally, based on factors such as the US Non-Farm Payrolls report released on September 2.
Although the $20,000 position appeared to be under threat, the level, a critical psychological level, remains flat. Along these lines, the market is examining the possible scenarios that would lead to an upward trajectory for the asset.
Therefore, $25,066 is one of the crucial notable levels to watch, as it will indicate an opportunity for recovery while providing a path out of the extended bear market. Any hope of reaching this level means that Bitcoin must first target $21,760 and expect the bulls to hold the position.
On the other hand, if the bears remain strong, Bitcoin faces the possibility of a consolidation as low as $17,567.
Bitcoin Posts Small Gains Amid Positive Jobs Report
It is worth noting that Bitcoin made small gains in the wake of the US jobs report. Notably, 315,000 were added in August, slightly higher than expected amid rising interest rates and slowing economic growth.
Along these lines, Bitcoin is trading at $20,300 at press time, up nearly 2% in the past 24 hours. The small gains also helped push the cryptocurrency market cap to nearly $1 trillion. At press time, the global cryptocurrency market capitalization is $999.3 billion, an increase of $14.11 billion within an hour of the US jobs report.
Bitcoin Threatened by Next Federal Reserve Action
In addition, with bitcoin deviating from macroeconomic factors, there is an expectation that the jobs report is likely to prompt the Federal Reserve to implement tougher measures such as raising interest rates to tame high inflation.
As a result, analysts expected the positive jobs report to push Bitcoin down to around $15,000. The scenario could jeopardize the $20,000 position as the asset has recently been linked to macro sentiment.
Overall, if Bitcoin manages to hold $20,000, it will likely fuel the belief among investors that the crypto market may have found a bottom.
In the midst of awaiting the next bitcoin price, the “HODL” mode appears to have been activated, as a Coinphony report on Sept. In this case, 62% of bitcoin holders have not sold the asset in over a year despite the prevailing market conditions.
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Bitcoin target level set for continued rally after US jobs data first appeared on Coinphony.