Recently, the United States released its Employment Situation Summary. This summarizes the current state of America’s labor market. Bitcoin, the predominant crypto currency, has been awaiting the release of data that could indicate a potential bear market departure.
Bitcoin is struggling to keep its value below $20,000 Despite all this, crypto investors decided to HODL the next crypto winter. More than 62% of the addresses that have the currency are not being sold over the last year. It could indicate that investors are mixed.
Despite the fact that some investors elected to continue holding the currency, 32% of investors chose to sell the currency after holding it for between one and 12 months, while 6% sold their currency after holding it for only one month.
Many people believe Bitcoin can recover
The large number of Bitcoin investors that chose to keep their investments suggests that, despite the volatility in investor moods, many believe Bitcoin will continue to recover. Uncle Sam provides a breakdown on the overall employment situation in the United States.
The Bitcoin market has seen minimal growth since the publication of the Jobs Report. Coingecko reported that Bitcoin’s price at the time of publication was $20,060.85.
The price hike of $19 632 2.46 in the morning was a significant one, but it wasn’t unavoidable.
25K is the Crucial Price Point
Kitco’s report identifies the point at which the bear market could end, even if it falls after the study. The report’s author, Rajan Dhall, estimated a price point of $25,066 for a total Bitcoin recovery.
According to Rajan:
“Bitcoin appears to be trapped in a rut, but the good news is that the psychological threshold of $20,000 has held for some time. After the bear flag formation was broken on August 19, it would have appeared from a purely technical analysis standpoint that the decline would continue.”
Rajan indicated that it is possible to rally higher, if bulls hold above this zone. But for now, Rajan recommends that you monitor the consolidation low at $17.567.
These current findings, along with the favorable US employment outlook may suggest a rally.
Investors are nevertheless still warming up, despite crypto’s current winter.
Source: TradingView.com| Source: TradingView.com Featured image taken from MARCA. Chart from TradingView.com