Bitcoin Price Prediction as BTC Turns Green for the Month Is the Bear Market Over?

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As Bitcoin (BTC) turns green for the month, investors and traders are wondering if the bear market is finally over.

In this price prediction, we will explore Bitcoin price predictions and analyze the factors behind the recent positive momentum, assessing whether this marks the end of the extended downtrend.

Strong non-farm payrolls and labor market numbers weigh on BTC

The US Dollar (USD) has seen significant changes in major economic indicators.

The average hourly wage recorded a monthly increase of 0.5%, surpassing the previous value of 0.3% and beating expectations of 0.3%.

In addition, the evolution of non-agricultural employment showed a positive change, with 253,000 jobs created, exceeding the forecast figure of 181,000 and the previous value of 165,000.

In addition, the unemployment rate fell to 3.4%, which is lower both than the expected 3.6% and the previous figure of 3.5%.

These strong economic indicators for the US Dollar could impact the price of Bitcoin by causing investors to focus on traditional assets, such as the USD.

A stronger US dollar could lead to lower demand for Bitcoin and other cryptocurrencies, potentially putting downward pressure on their prices.

bitcoin price

BTC/USD is currently trading at 29,454, seeing an increase of almost 2.5% on Friday. Amid the ongoing banking crisis, Bitcoin is approaching the $30,000 mark.

The recent price spike is attributed to tensions in the markets stemming from concerns about banks.

On the four-hour chart, Bitcoin remains above the 50-day exponential moving average, which serves as a vital support level around $28,700.

This level has been an important resistance for BTC throughout the week. However, the close of the candles above $28,700 increases the likelihood of a bullish bounce for BTC.

Bitcoin may encounter immediate support near the 27,600 level, as indicated by a trendline on the 4-hours chart.

If the price breaks through this critical level of 27,600, BTC could head towards the next support level at 27,200.

Bitcoin price chart – Source: Tradingview

On the other hand, if BTC manages to break above the $29,600 level, we could see its price surge towards $30,400.

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Top 15 cryptocurrencies to watch in 2023

Besides Bitcoin, the market offers a range of up-and-coming cryptocurrencies, encompassing up-and-coming altcoins and pre-sale tokens that offer the prospect of big returns.

As a result, the Cryptonews Industry Talk team has compiled a list of the top 15 cryptocurrencies for 2023, each showing considerable short-term and long-term growth potential.

Disclaimer: The Industry Talk section features information from crypto industry players and is not part of the editorial content of Cryptonews.com.

Find the best price to buy/sell a cryptocurrencyCryptocurrency Price Tracker – Source: Cryptonews

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