Bitcoin (BTC) Must Make It Past This Threshold To Bounce Back

Christian Encila

2 years ago

2 mins read

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The United States just released the Employment Situation Summary, which describes the present state of the American labor market. Bitcoin, the dominant crypto currency on the market, is banking on the freshly disclosed data for a possible bear market departure.

Bitcoin has struggled to maintain its value inside the critical $20,000 level. Despite this, investors have elected to HODL over the forthcoming crypto winter. Over 62% of addresses with the currency have not been sold in the past year. This could suggest that investor sentiment as a whole is 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 Believe Bitcoin Will Recover

While investor mood has been extremely volatile, the large proportion of investors who opted to hold indicates that many continue to believe Bitcoin will recover. This may be the case now, as Uncle Sam has provided a breakdown of the total employment picture in the United States.

Since the release of the jobs report, the Bitcoin market has gained minimally. Coingecko reports that the price of Bitcoin at the time the report was published was $20,060.85.

This reasonably large price increase from the early morning price of $19,632.46 was, however, unavoidably lost throughout the course of the day.

The Crucial $25K Price Point

Even if the price eventually fell after the study, Kitco has just produced a report that identifies the potential price point to end the bear market. 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 said that a rally higher is possible if the bulls can hold above that zone, but for now the consolidation low around $17,567 is the level to monitor.

This current research along with the relatively favorable employment picture in the United States may indicate an impending rally.

However, investors are still warming up despite the current crypto winter.

Crypto total market cap at $950 billion on the weekend chart | Source: TradingView.com

Featured image from MARCA, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.