Monthly employment figures in the US have increased since September. However, it was seen that investors were in an optimistic mood. The crypto money market, especially the leading cryptocurrency Bitcoin, closed the week on a strong note.
Leading cryptocurrency Bitcoin gains strength
The U.S. economy added 261,000 jobs in October, according to data provided by the Department of Labor. Looking at the statistics for September, these figures were revised upwards from 263 thousand to 315,000. The stronger-than-expected results show that the Fed will have a hard time trying to reduce inflation in the flexible labor market. The Fed has previously announced that lowering inflation will likely lead to higher unemployment. Therefore, this increase observed in the number of recruits actually points to continued rate increases.
S&P, Dow and Nasdaq managed to close the day in the green with 1.36 percent, 1.26% and 1.28% gains, respectively. As we have reported as Kriptokoin.com; Then, all three big averages pulled the week down. Data provided by TradingView reported that Bitcoin (BTC) had a 5.6 percent mid-day rally. The leading crypto rallied from $20,175 to an intraday high of $21,395. However, as a result of the gains, the BTC price came back to $ 21 thousand. Thus, it was the strongest move above the $21,000 support/resistance zone since Sept. 13.
The analyst who kept the forecasts made a new post
It is stated that the strength that the Bitcoin price showed earlier in the day is “tighter” in trading. The closely followed crypto analyst il Capo of Crypto made a new prediction. The bullish volatility excites many in the cryptocurrency markets. However, it is stated to be forcing some investors to re-enter the market. Cryptocurrency analyst, known as the Provincial Capo of Crypto, announced that this move has been expected for a while.
OK, 21 thousand dollars to 21,500 dollars has been reached. Alright what now? This is a very strong resistance zone. Shorts get bored and that’s causing the uptrend. You don’t want to see this for the sake of continuing a trend. This is where the Longs get stuck. This is where to be careful.
The cryptocurrency analyst drew attention with his previous predictions. Capo previously correctly predicted that BTC would hit a 22-month low. The leader stated that the cryptocurrency will fall to the level of $ 16 thousand. The cryptocurrency analyst is particularly known for accurately predicting BTC price declines. In 2021, he predicted that the price of Bitcoin would drop to $50,000. In 2020, he correctly predicted the price of BTC at $3,500.
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