Bitcoin’s value is showing volatile trading just above the $29,000 mark, drawing the focus of both traders and investors alike. Presently priced at $29,216, and with a trading volume of $12.4 billion over the past 24 hours, market participants are keeping a vigilant watch on Bitcoin’s movements.
Nevertheless, considerable attention is also directed towards the imminent unveiling of the US Non-Farm Payrolls (NFP) statistics, given their potential to substantially influence the course of Bitcoin.
Let’s delve into the forecast for Bitcoin’s price and explore how the NFP data might exert its influence on the cryptocurrency market.
USD Strengthens Ahead Of NFP Data Release
Before the planned unveiling of the Non-Farm Employment data on Friday, the USD has displayed indications of resilience.
This optimistic perspective arises from the upcoming release of July’s statistics, wherein the market foresees a reduction of 6,000 jobs compared to June, resulting in approximately 203,000 jobs.
Furthermore, the projections for July’s Average Hourly Earnings suggest a value of 0.3%, indicating a minor decline from June’s 0.4%. Overall, there exists an anticipation of a report that surpasses the average performance.
Surprising Changes That Cause Changes In The Market
The recent upsurge in Bitcoin’s price can be predominantly attributed to its robust performance on Block’s Cash App platform.
Despite a slight decline in Bitcoin profits when compared to the initial quarter of 2023, they remain elevated by 7% in comparison to the previous year.
https://twitter.com/Block_Savvy/status/1687258358602977280?ref_src
Block Inc., a firm specializing in payment technology, revealed remarkable Q2 outcomes, showcasing a 34% year-over-year surge in Bitcoin revenue, reaching a total of $29,216.
In the Q2 earnings conference, the company disclosed an astonishing $2.4 billion in Bitcoin sales through the Cash App, leading to a gross profit of $44 million. This marks a notable 7% rise from the preceding year.
It’s important to highlight that Bitcoin sales accounted for nearly half of Block’s overall Q2 revenue, which amounted to $5.53 billion, signifying a substantial 25.6% year-over-year escalation.
This surge can be attributed to the steadfastness of customers in acquiring the cryptocurrency, even in the face of its year-long price decline.
Investors’ Drive Increase In Crypto Purchases
Binance’s recent declaration of additional trading pairs and the introduction of a zero-fee trading initiative could potentially be linked to the upswing in Bitcoin’s valuation.
Under the Zero-Fee Bitcoin Trading Program, users are now able to engage in trading activities involving Bitcoin/First Digital USD (BTC/FDUSD) and Ether/First Digital USD (ETH/FDUSD) pairs without incurring any maker or taker fees.
Furthermore, the inclusion of the First Digital USD (FDUSD) stablecoin on the Binance platform has broadened the spectrum of available trading choices.
#Binance Updates Commission-Free #BITCOIN Trading Program
On August 4, the Binance exchange will add the $BTC/FDUSD pair, which will be available for free spot and margin trading.
The exchange is also integrating the ETH/FDUSD pair. It has zero fees for makers only. pic.twitter.com/RJPLuRGOUY
— Yurii DeFi (@Yurii_cryptofan) August 3, 2023
It’s worth emphasizing that certain investors exercise caution regarding the potential market impact of FDUSD, given its comparatively modest market capitalization of $257 million.
Nonetheless, the inclusion of FDUSD on the Binance platform holds the potential to amplify its market capitalization. This strategic step by Binance follows recent modifications to its fee framework, which have influenced market share and trading volumes.
Buy Crypto NowBitcoin Price Prediction
Bitcoin’s recent shifts in the market were meticulously examined within a 4-hour timeframe, unveiling a limited trading range.
Within this interval, the cryptocurrency encountered resistance close to the $30,000 threshold, while discovering support around the vicinity of $29,000.
At this moment, notable technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are indicating a bearish trend for Bitcoin.
Examining the Bitcoin price chart on TradingView, it becomes evident that the cryptocurrency has undergone a downward trajectory, descending to the $29,100 threshold.
This decline possibly holds the potential to persist, propelling Bitcoin’s price to a lower point of $28,700. Nonetheless, there remains a chance for Bitcoin to locate support in the vicinity of the $28,700 range amid this ongoing descent.
Should it breach this support, the subsequent targeted level could be identified at $28,200.
