Looking at Bitcoin Profits Amid Interest Rate Uncertainty

Liputan6.com, Jakarta – Towards the end of this week, there is a possibility that Bitcoin could still rise if you look at the United States (US) Non-Farm Payroll (NFP) data estimates. The possibility of releasing NFP data on Friday (5/4) has decreased, even though other US economic data results have risen and improved.

Tokocrypto trader Fyqieh Fachrur said that falling NFP could encourage the Fed to lower interest rates, weaken the US dollar and increase the prices of risky assets such as crypto.

“Weak NFP can encourage investors to look for alternatives such as crypto, potentially increasing demand and prices. The correlation between Bitcoin and traditional markets, including the US dollar, can influence the impact of NFP on crypto,” said Fyqieh in his statement, quoted Saturday (6/4/2024 ).

According to him, Bitcoin (BTC) experienced a significant increase of 3.55% in the last 24 hours. At 08:00 WIB, BTC was trading above the MA-20 at a price of around USD 68,595.

This increase provides optimism to investors and traders, but the question now is whether BTC will succeed in breaking the key resistance level at USD 69,000?

“Looking at the current price trend, it appears that BTC has the potential to continue its increase to reach the USD 71,000 level if it successfully passes the resistance at USD 69,000,” he said.

However, if it experiences rejection at that level, it is likely that BTC will experience selling pressure and weaken again to around USD 66,000.

The US jobs report, Fed members' comments and BTC-spot ETF market flow data need to be considered. Despite hawkish chatter from members of the Fed, the BTC-spot ETF market remains on track to expand net inflows to the third straight session.