• Bitcoin hits a vital support level as traders anticipate labor market data.  
  • Economic data this week could cause major fluctuations in Bitcoin’s worth.  
  • Holding above key levels will determine Bitcoin’s trend in the coming days.

Bitcoin has moved back to its 20-week Simple Moving Average  ahead of important U.S. labor market reports. This shift, noted by analyst Benjamin Cowen, occurs just before economic data that could affect financial markets. The token  is currently holding near this support level, while traders wait for signals of a major move in either direction.

Importance of the 20-Week SMA

The 20-week SMA is a crucial indicator for crypto traders. It shows possible areas of assistance or obstacle based on the average expense over 20 weeks. As of September 2024, Bitcoin’s price is around $26,000 to $28,000, just above this the median. This suggests a possible consolidation phase. Cowen’s visualization shows Bitcoin rebounding slightly after a recent dip..

#BTC has already pulled back to its 20W SMA ahead of all the labor market releases this week pic.twitter.com/rGkCnWbD9O

— Benjamin Cowen (@intocryptoverse) September 30, 2024

Traders are watching this level closely. In the past, holding above the 20-week SMA has often led to price increases. If Bitcoin drops below it, the market may see a bearish move, making this an important moment.

Upcoming Labor Market Data

Beyond technical measurements, scheduled employment sector announcements are expected to play a big role in Bitcoin’s value action. These figures, including non-farm payrolls and unemployment data, are due this week. The investor reaction will likely depend on the strength of these figures.

If the reports show strong job growth, there may be concerns about higher interest rates, which could impact risky assets like Bitcoin. On the other hand, weak labor data might ease worries about tight monetary policy, creating a better environment for cryptocurrencies.

Read CRYPTONEWSLAND on google news

Long-Term Outlook

Despite the temporary pullback, the long-term tendency is still intact. It has tested resistance at $30,000 to $35,000 several times but has not broken through. The graph shows that the token may be preparing for a bigger move depending on how it responds to the 20-week SMA.

If BTC stays above this threshold, the bullish pattern may continue. However, a drop below the SMA could lead to more bearish moves, with traders waiting for economic data to guide the price.

disclaimer read more

Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.