Bitcoin Price Prediction as BTC Bulls Eye $30,000 Resistance as Non-Farm Payroll Data is Released – A Comeback in Play?

In light of recent data showcasing a remarkable surge in US nonfarm payrolls, the cryptocurrency realm, particularly Bitcoin (BTC), seems to be set on a trajectory of its own

The employment figures for September 2023 have come in at a stellar 336K, easily surpassing the revised August count of 227K and leaving market predictions of 170K in the dust

This substantial increase, the most significant in eight months, exceeds the average 70K-100K monthly requirement to align with the growth of the working-age populace

Such robust data suggests a labour market that’s demonstrating resilience, even amidst the Federal Reserve’s ongoing tightening efforts.

Sectors like leisure and hospitality, government, and health care made significant gains

Conversely, mining, construction, and manufacturing industries displayed a static employment trend

As Bitcoin bulls fixate on the $30,000 resistance level, one can’t help but wonder: is there a synchronicity between the strengthening labour market and a potential BTC comeback?

Bitcoin Price

On October 7, Bitcoin’s (BTC/USD) technical outlook revealed some interesting movements. The current price of Bitcoin stands at $28,000, having experienced a near 2% increase in the last 24 hours

With a 24-hour trading volume of approximately $12.63 billion, Bitcoin maintains its top position at #1 on CoinMarketCap

The cryptocurrency’s live market cap is around $546.22 billion, with a circulating supply nearing 19.51 million BTC out of the maximum supply of 21 million BTC.

Bitcoin Price Prediction

Looking closer at its price action on a 4-hour time frame, the pivot point is noted at $27,878. Bitcoin price faces immediate resistance at $28,565 and further resistance at $29,261

On the downside, the asset finds its immediate support at $27,275, with subsequent supports at $26,790 and $26,435

The Relative Strength Index (RSI) indicates a slightly bullish sentiment with a value of 63. This is above the midpoint of 50 but hasn’t yet reached the overbought territory of 70

In addition, Bitcoin’s current price level surpasses its 50-day Exponential Moving Average (EMA) of $27,450, further confirming the prevailing short-term bullish trend.

The 4-hour chart showcases an upward channel pattern, suggesting a strong buying interest. The 50 EMA agrees, driving additional buying sentiments. This combination hints at a possible continuation of bullish momentum for the cryptocurrency

Bitcoin Price Chart - Source: TradingviewAs of now, no significant fundamental news pieces are impacting Bitcoin’s price. In conclusion, the trend for Bitcoin leans bullish, particularly if it sustains above the critical support of $27,275

However, a dip below this level might usher in bearish sentiments. It’s recommended that traders and investors to monitor this key support level closely and strategize accordingly.

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