Bitcoin (BTC): Nearly 1 million hodlers are hoping for a “bull run”

The king of cryptos has seen a rise following the most significant event of the day. Indeed, after the publication of the NFP, Bitcoin explodes and reaches $21,100. Most dollar-linked assets also rose in value. This reflects a weaker dollar, while non-farm payrolls have exceeded expectations. With that, could we see bitcoin at $30,000 by the end of the month? Check out this analysis.

Bitcoin explodes to $21,200

Non-farm payroll creation in the United States has increased relative to forecasts. Indeed, the report showed 261,000 jobs created, against 200,000 expected. However, this was down from last month which was 315,000. Alongside this, other macro data also beat expectations. In fact, job creations in the manufacturing sector reached 32,000, or 17,000 more than expected. In addition, the average hourly wage reached 0.4%. Despite all this, the unemployment rate continues to climb and is now 3.7%.

Data that shows the difficulty of the Fed to control inflation, and the weakness of the dollar. Indeed, the Dixie index lost 1.35% in value on release. Vice versa, the macro news looks good for bitcoin, which explodes to $21,200. With that, the price of this crypto breaks through a week-long resistance around $21,050. But the bears were quick to react and brought the price back to the $20,672 area. However, the 200 hourly moving average (around $20,500) could cause the price to rebound.

Bitcoin (BTC): NFP published, the king of cryptos explodes!
Bitcoin (BTC): NFP published, the king of cryptos explodes! – BTC/USD – TradingView

What obstacle for the price?

The closest hurdle sits slightly higher than $22,000. If the price of Bitcoin continues to explode following this catalyzing event, we could see BTC reaching this level. Indeed, this area aligns with the 1.618 level of the Fibonacci projection. In such a situation, the price of an asset tends to reach that level in a bullish rally. If the price breaks above the “swing point” at $22,800, it would signify the start of a bull run. This is the September high that initiated a 20% bearish move.

The buyers seem determined to blow the price of bitcoin to $22,000 before the end of the month. However, the rise of this crypto also depends on the economic situation in the United States. If the Dollar continues to fall, it is favorable for bitcoin and the crypto sphere.

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