Bitcoin hovered just above $30,000 on Friday amid multiple signs that more rate hikes could be on the horizon this year.
The world’s largest cryptocurrency by market capitalization rose 0.2% at 12:40 a.m. in New York, according to CoinGecko.
“Wage growth and the unemployment rate will worry the hawks at the Fed and that means we are not out of the woods when it comes to increases,” Nexo co-founder Antoni Trenchev told The Block. “But even despite the hawkish news, bitcoin bulls kept their spirits up and held their ground.”
A new jobs report on Friday and private sector data released yesterday bolstered investor confidence that the Federal Reserve will resume rate hikes at its meeting later this month.
US stocks opened lower on Friday following the news.
Bitcoin trading range
Trenchev said bitcoin needs a fundamental driver to break out of its current range, “as it is unlikely to break its 13-month high on the back of the jobs report.”
Ahead of expected inflation data on Wednesday, investors are adjusting their positions.
“If the CPI data is lower than expected, Bitcoin could potentially hit $35,000,” Trenchev said. “However, a higher CPI could cause Bitcoin to dip below $30,000 as investors withdraw some funds,”
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