Today’s Bitcoin (BTC) News: US Jobs Report and ETF Market Trends Propel BTC Price to $63,000

Welcome to Extreme Investor Network, where we provide unique insights and analysis on the latest trends in the stock market, trading, and Wall Street. Today, we’re diving into some key developments that could impact the market in the coming weeks.

Recent data shows that average hourly earnings rose by 3.9% year-on-year in April, slightly lower than the previous month’s increase of 4.1%. Nonfarm payrolls also saw an increase of 175k, down from the significant jump of 315k in March. This softer-than-expected wage growth could potentially impact disposable income and consumer spending, leading to a decrease in demand-driven inflation. As a result, the Federal Reserve may adopt a more dovish rate path in response.

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Additionally, the US ISM Services PMI fell from 51.4 to 49.4 in April, which could influence sentiment towards the Fed’s rate trajectory. Market participants are closely monitoring these developments to gauge the central bank’s future actions.

In the Bitcoin market, recent flow data has provided some relief to investors. Grayscale Bitcoin Trust (GBTC), Fidelity Wise Origin Bitcoin Fund (FBTC), Franklin Bitcoin ETF (EZBC), and other key players saw net inflows on Friday, signaling renewed interest in the cryptocurrency sector. This influx of capital could potentially drive further price movements in the market.

In terms of technical analysis, Bitcoin is currently hovering below the 50-day Exponential Moving Average (EMA) while staying above the 200-day EMA. This signals a bearish near-term outlook but a bullish longer-term trajectory. A break above the 50-day EMA and the $60,365 resistance level could pave the way for a push towards the $69,000 resistance level. However, selling pressure may intensify at the $64,000 resistance level, where the 50-day EMA coincides with key price levels.

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