In a recent YouTube video, Benjamin Cowen, a prominent crypto analyst with a large following, suggests that this week’s release of labor market data could provide valuable insights into the future trajectory of Bitcoin (BTC).
Cowen highlights that it is a common occurrence for Bitcoin to exhibit price hesitation in the days leading up to the release of new monthly labor market reports by the U.S. Bureau of Labor Statistics. These reports, published on the first Friday of every month, include key metrics such as average hourly earnings, non-farm employment change, and the unemployment rate. According to Cowen, this labor market data can play a crucial role in determining the short-term direction of BTC.
Additionally, Cowen predicts that the European Central Bank (ECB) will likely cut interest rates this week, which could also have an impact on Bitcoin’s future performance.
To analyze Bitcoin’s current position, Cowen looks at two important moving averages. The 20-week simple moving average (SMA) is currently at $61,793, while the 21-week exponential moving average (EMA) stands at $60,478. These metrics, when considered together, form what Cowen refers to as the “bull market support band.” They serve as indicators to determine whether Bitcoin’s price is in a bullish or bearish phase.
With these factors in mind, Cowen believes that the crypto market is at a critical juncture. He states that the current moment is crucial for the crypto community to determine whether Bitcoin will experience another upward move similar to 2019 or if it has already reached its peak.
At the time of writing, Bitcoin is trading at $69,242, showing a nearly 2% increase in the past 24 hours. As the top-ranked cryptocurrency by market cap, Bitcoin’s performance is closely watched by investors and enthusiasts alike.
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