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Bitcoin Price Prediction as BTC Shoots Past $21,000, 20% Rally Incoming?

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Bitcoin’s price hasn’t moved much throughout the European session, and it’s remained rather stable around $21,190 throughout the day. The Bitcoin price forecast is still positive over the $21,000 barrier, despite the fact that the weekend was rather quiet.

Statistics Regarding the US Economy

On Wednesday, the Federal Reserve decided to raise interest rates by 75 basis points and issued a warning that more rises in borrowing costs would be necessary to battle inflation. The bitcoin market as a whole will be heavily impacted by the employment figures from the United States.

Since the Bureau of Labor Statistics (BLS) reported that US Nonfarm Payrolls increased by 261,000 in October, exceeding predictions of 200,000, the US Federal Reserve may continue to raise interest rates due to the tightening job market. This would be in response to the fact that the job market is becoming increasingly competitive.

1667744319 760 Bitcoin Price Prediction as BTC Shoots Past 21000 20 Rally
US Nonfarm Payrolls – Source: Tradingeconomics

In light of the fact that the Federal Reserve has already increased interest rates by 0.75 percentage points for the fourth time this year and has acknowledged a robust labor market, it is possible that the Fed will consider raising interest rates by a half or three-quarters of a percent at their meeting in December.

The number of persons actively seeking for work decreased, which contributed to a 3.7% increase in the unemployment rate. On the other hand, annual pay inflation, as measured by the Average Hourly Earnings, decreased to 4.7% from 5% in the same report.

The importance of the Bitcoin US Dollar exchange rate is increased by the fact that it is sensitive to data relating to the US economy.

Bitcoin Price 

Bitcoin is currently trading at $21,189, with a 24-hour trading volume of $34 billion. During the Asian session, Bitcoin fell by less than 1%. It currently ranks first on CoinMarketCap, with a live market cap of $406 billion. 

1667744320 966 Bitcoin Price Prediction as BTC Shoots Past 21000 20 Rally
Bitcoin Price & Tokenomics – Source: Coinmarketcap

The BTC/USD pair entered the overbought zone after breaking through the major resistance level of $21,000 to reach $21,450. Because BTC has begun a bearish correction, its price may fall to $21,000 before resuming its upward trend. Meanwhile, the RSI and MACD are leaving the overbought zone and will soon enter the buying zone, allowing investors to go long once more.

BTC could face resistance levels of $22,000 and $22,750 if it breaks through the $21,475 level.

1667744320 877 Bitcoin Price Prediction as BTC Shoots Past 21000 20 Rally
Bitcoin Price Chart – Source: Tradingview

If Bitcoin falls below $21,000, it may be exposed to the $20,650 level, which is extended by the 50-day moving average. The bullish bias remains strong over $21,000, so keep an eye on it.

Compiled by Coinbold

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