bitcoin The price exceeded $40,000 today and climbed to the top of the last two weeks. A short time ago, the employment report in the USA was announced and it was observed that the data was quite strong.
In fact, this development was generally evaluated in favor of the bear for Bitcoin.
Despite this, according to experts, with the BTC price recovering easily after the data from the USA, cryptocurrency investors made sure that the market stabilized and the uptrend began.
Bitcoin price has gained 8.9% in the last 24 hours and is trading at $40,219 at the time of this writing. With this development, the BTC price crossed the critical psychological level of $ 40,000 for the first time since January 22.
Crypto Finance AG analyst Daniel Kukan evaluated the developments as follows: “After the risk has disappeared, a few downside attacks have failed. The biggest target ahead of the upside move could be between $42,000 and $43,000 at the moment. However, in the worst-case scenario, support can be found at $33,000 followed by $28,000. These points were left untouched in the recent declines.”
How Did the US January Employment Report Affect Bitcoin?
After the employment data from the USA, the Bitcoin price made a sudden drop for a short time. In the report in question, positive values were recorded far beyond the estimates of economists.
Theoretically, such a report should have a negative impact on BTC. This is because the Fed is expected to act aggressively on interest rate hikes in order to curb the rise in inflation that may come with the increase in the labor market.
BTC price generally responds negatively to such tight monetary policies.
Senior market analyst Edward Moya evaluated the current situation as follows: “The movement of the Bitcoin price against the US jobs report was a sign of weakness. Despite this, the world’s largest cryptocurrency managed to stabilize.”
Jason Deane, BTC analyst at Quantum Economics, said that the employment report may have acted as a catalyst for a belated market move for BTC.