Crucial hours have arrived for Bitcoin, as it could be very important for the digital currency to close above $60,000 this week. While we took a dive towards $56,800 at the beginning of the week, a cautious recovery later followed thanks to favorable macroeconomic data.
Now the weekly closure is just around the corner and that is important.
Important moment for Bitcoin
Popular analyst Rekt Capital dared on May 3 to call Bitcoin’s correction “just a downward candlestick.” According to the analyst, a weekly close above $60,000 would ensure that Bitcoin can designate that psychological limit as an important new support zone for the price.
Based on the historical price charts of Bitcoin, we still have to be patient, according to Rekt Capital. Based on that data, we would only leave the post-halving danger zone after next week.
That is the price area after the halving in which Bitcoin usually has some difficulty maintaining itself. Thus, not only the next few hours, but also the entire next week will be important for Bitcoin. As for next week, the focus is on the macroeconomic area on next Thursday.
After Sunday, focus on Thursday for Bitcoin?
Important dates regarding the labor market are scheduled for Thursday in the United States. Last Friday it turned out to be a bit weaker than expected, causing the market to suddenly become optimistic about the number of interest rate cuts that the US central bank will implement this year.
Due to high inflation rates and the strong US economy, the central bank’s interest rate cuts were pushed back further and further. It now appears that the labor market is weakening and that could provide relief for Bitcoin in the form of rapid interest rate cuts.
In that regard, it would be a good thing if we get confirmation on Thursday and see that the number of unemployment claims is higher than expected. That would confirm last Friday’s data and possibly force the US central bank to put on the brakes sooner.
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Source: https://newsbit.nl/cruciale-uren-aangebroken-voor-bitcoin/
