Bitcoin Trades Sideways Ahead Of U.S. Job Report

Braided Barbie Doll Holding a Bitcoin Ⓒ 2023 – Crypto Coin Opps
Braided Barbie Doll Holding a Bitcoin Ⓒ 2023 – Crypto Coin Opps
Braided Barbie Doll Holding a Bitcoin Ⓒ 2023 – Crypto Coin Opps

Following last week’s surge in BTC price, the World’s largest cryptocurrency by market capitalization appears to have stabilized at the $28,000 level.

During March’s last week, the market saw an increase in trading volume, with buying pressure overcoming bears, making the most recognizable assets surge in price by over 12%.

But since then, buying pressure stabilized, while investors are now likely waiting to see the upcoming reports by the American Government that could affect riskier assets like crypto.

Over the day, bitcoin became more volatile than usual, reaching $27,779 at its lowest point — and currently trading at $28,087.

This volatility, which correlates to market uncertainty, puts weight on the idea that the buyers and sellers are waiting for the upcoming Job Report by the U.S. Government.

Job Report on April 7

This week, the financial world is eagerly awaiting the disclosure of some important economic data, including the latest jobless claims in the United States and the payroll figures.

While the release of this data may have significant implications for traditional financial markets, it remains to be seen what impact it will have on the cryptocurrency sector.

According to the latest Refinitiv consensus estimates, the unemployed claims data for March is expected to show a slowdown, with an estimated opening figure of 238,000, compared to February’s figure of 311,000.

If the estimates are true, $BTC could react favorably to the news of the decrease in the unemployment rate. In case that happens, the market could very well see Bitcoin’s price breaking through $30,000 this month.

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