The flagship crypto on Friday, reached a high of $20.2K as investors awaited the crucial US jobs report.
A crucial psychological and technical threshold for Bitcoin is $20,000. It is the iconic peak of the 2017–2018 bull market, and the cryptocurrency must keep its price above it to avoid additional falls.
The biggest cryptocurrency by market cap danced under the psychologically significant level before bouncing back for the sixth day in a row.
Investors are closely scrutinizing today’s anticipated economic data release. Despite the claims of market experts that job growth in August likely slowed from July’s frenetic pace, it is still anticipated to have been rather strong, with widespread hiring across many sectors.
The Federal Reserve will evaluate the status of the labour market when making its next interest rate decision later this month, so the monthly employment report, which covers August, is especially significant.
The collapse of algorithmic stablecoin terraUSD, which set off a series of events that resulted in the bankruptcy of loan platform Celsius and hedge fund Three Arrows Capital, is just one of the problems that have hampered the excitement in the cryptocurrency market.
The vast majority of digital assets including XRP, Cardano, and BNB achieved modest increases for the day as the market capitalization as a whole once again gets closer to the coveted $1 trillion threshold.
Late last week, as concerns about the continued monetary hawkishness of the U.S. central bank and macroeconomic uncertainties grew, bitcoin fell sharply.
The asset appears increasingly likely to stay in the same price range until the Federal Reserve’s upcoming interest rate hike, which is largely anticipated to be 75 basis points, and the release of the most recent inflation data and other important economic indicators later this month.