As Bitcoin continues to grab headlines with increased price swings, traders are wondering if Bitcoin will fall to $25,000 or catapult to $30,000 in the next few hours. The possibility of a decline to $25,000 is anchored in global regulatory actions and various macro events, such as US employment data. However, the prospect of Bitcoin breaking above $30,000 remains viable as many institutional businesses focus on acquiring BTC. Notably, MicroStrategy recently bolstered its balance sheet with an additional 1,045 Bitcoin.
Bitcoin price shows promise amid macro events
The U.S. labor market has shown sustained strength recently, with the Bureau of Labor Statistics (BLS) showing an increase of 236,000 jobs in March, slightly below economists’ projections of 239,000.
As the data points to a robust rate of job creation in the United States, it reflects a positive outlook for overall economic health. Consequently, investor confidence is expected to be boosted, which will lead to increased investment in various assets, including cryptocurrencies like Bitcoin.
Additionally, Mt. Gox will soon begin redeeming 142K Bitcoin, which will increase the volatility of the BTC price chart. The redemption process could slightly increase the supply of new Bitcoins, potentially impacting the price of the main digital asset. Although it is plausible to expect fluctuations in the value of Bitcoin, the chances of a significantly damaging event remain relatively low.
Edward Moya, a prominent analyst at broker Oanda, said:
“When a plethora of markets are closed, we’ll see if traders look to take advantage of the one market that trades 365 days a year. Bitcoin remains near the upper limits of its trading range and could see a good chance to break through. of $30,000 over the weekend.
Does a recovery await the price of BTC?
The $28,000 mark appears to pose significant hurdles for Bitcoin in the near term. The price has lingered around this level for several days, with no clear indication of significant momentum to drive it in any specific direction.
Bitcoin price remained in a tight range below the $28,850 resistance zone, struggling to break above the $28,200 resistance and consequently extending its decline. The downtrend continued below the $27,800 level, with the price reaching a low of $27,200 before entering a period of consolidation.
At the time of writing, BTC price is hovering around $27.9,000 with no definite movement in either direction. Analyzing the hourly price chart, Bitcoin currently forms two scenarios. If the price of BTC breaks above the $28.2,000 level, a clear upside call to $29,000 is expected.
On the other hand, in the bearish scenario, a drop below the EMA-20 trendline could intensify Bitcoin’s downtrend, potentially reaching $27,000 by the weekend.