The price of Bitcoin reached the highest level in the last 7 weeks; More bounce in November?
Bitcoin price has just hit a 52-day high. Now, on the one-day chart of this digital currency, a rising sign can be seen, which can promise a further jump in the price this month.
To Report CoinDesk, the change in the sentiments of digital currency market investors in response to the publication of data related to the labor market and other economic indicators of the United States, brought the price of Bitcoin to the highest level in the last 7 weeks and caused an increase in the price of other digital currencies.
Bitcoin is currently trading at a price higher than $21,400 and has experienced a jump of 4.62% in the last 24 hours; This means that this digital currency is now fluctuating above the range it was trapped in for weeks. It should be noted that Bitcoin has fluctuated above $20,000 in the last 10 days.
Edward Moya, senior analyst of Oanda, said:
Today’s report (referring to the US labor market report) led to a wave of volatility that was ultimately positive for risk assets, helping Bitcoin to climb above $21,000.
Ethereum is currently hovering above $1,600 and is trading at its highest price since mid-September with a 6% gain in the last 24 hours. The altcoins of the market also showed a positive performance during this period, so that Polygon has recently experienced a jump of 22% and Oxy Infinity has experienced a growth of 23%.
Polygan’s recent jump was influenced by the news that Meta plans to provide Instagram users with a tool to mint and sell non-proprietary tokens (NFTs) on the Polygan network. Besides, Polygan is the first chosen partner of Meta to launch this new feature.
The influential U.S. labor market report shows that U.S. businesses added 261,000 new jobs during October. This figure is more than the 200,000 new jobs predicted by economic experts, which is a positive sign. On the other hand, the unemployment rate increased to 3.7% this month, which is slightly higher than the 3.6% expected by experts.
The increase in the unemployment rate and the significant decrease in employment among American households (325,000 jobs), according to Danny Blanchflower, an economist at Dartmouth College, is a sign of the reversal of the labor market trend in this country, and according to the efforts The government is considered a positive factor for risky assets to curb inflation.
He said about this:
We are now in a position where it is expected that the US central bank will fully return to its position on the eve of the collapse of the labor market in this country. Bank interest rate reduction is coming.
The state of the stock market has also been bullish over the past day, and the S&P500, Nasdaq and Dow Jones stock indexes have grown by more than 1% during this period. The price of gold in the world markets has also increased by 3% during this period.
Avanda analyst says:
It seems that slowing down the tightening of contractionary monetary policies (increasing interest rates) is still one of the options of the Central Bank of America, and this can benefit digital currencies in the short term.
Bitcoin’s chance to jump further in November
Bitcoin has been fluctuating in a narrow range since June, and with this situation, finding bullish or bearish signs becomes a challenge for analysts. However, the recent crossing of the moving averages on Bitcoin’s one-day chart is worth checking out.
On October 28 (November 6), Bitcoin’s 10-day moving average crossed the 50-day moving average upwards. Since the beginning of 2015, this has happened only 27 times during 2,862 trading days. Each time this intersection has been formed, the price of Bitcoin has grown by an average of 3% over seven days and 10% over 30 days.