Following a consolidation period in February, bitcoin investors are currently anxiously awaiting to see if the asset will return to the start of the year’s major upward trend.
The asset is boasting a 1.06% increase in the previous 24 hours and is currently trading at around $23,710 at this time of writing. BTC reached the $23,700 zone around 1 AM PST, and since then has been steadily trading closer to the $24,000 zone.
Throughout the month of February, the world’s largest cryptocurrency went through several attempts at consolidating above that zone, even reaching $25,000 on the 21st. However, growing selling pressure from reports that the United States Government having difficulties in controlling inflation has tanked the currency back to its starting point of the month.
Based on information gathered from the CoinGlass platform, traders seem to be divided in their predictions for the future of Bitcoin.
Some are placing bets on a rise in value, while others are wagering on a decline. This lack of consensus suggests that the cryptocurrency’s trajectory is uncertain, with the potential for it to either surge to $25,000 or dip back down to $20,000.
Job Report On March 3rd
Investors are also eagerly awaiting the upcoming Job Report by the Bureau of Labor Statistics, scheduled for March 3.
The monthly job report can give insights into the state of inflation by providing information on the labor market’s health.
When the number of jobs created exceeds the number of people seeking employment, it creates a tighter labor market, which can put upward pressure on wages. In counterpart, when wages rise, the increased costs can be passed on to consumers in the form of higher prices, resulting in inflation.
That date will set one of the most important dates for the cryptocurrency market, as it can provide a good amount of insight into what the Fed will do on their interest rate announcements, happening on March 28.