Bitcoin Price Prediction – Can BTC Stay Above $20,600 Into The Weekend?

Bitcoin BTC/USD D2T
Last updated:
Crypto Writer
Crypto Writer
Arslan Butt
About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships.

The Bitcoin price is rising during the European session, breaching the descending triangle pattern at $20,400. Recalling the Asian session’s Bitcoin price prediction, the market was waiting for non-farm payrolls and the unemployment rate in the United States to determine further price action.

 A day after the Federal Reserve announced another rate hike, the government released its final jobs report before the midterm elections, showing that the unemployment rate had remained unchanged at 3.7%.

Let’s take a closer look.

US Non-farm Payroll & Unemployment Rate 

US Non-farm Payroll: According to the US Bureau of Labor Statistics, more than twice as many jobs were added to the US economy in October 2022, with 261,000 new positions created. This is the lowest reading since December 2020, but data nevertheless hint at a robust, if sluggish, labor market as worker shortages continue to bite. 

US NFP – Source: US Bureau of Labor Statistics

Unemployment Rate: Incredibly, the most recent data shows that the US is even stronger than previously thought. Though it has increased, the jobless rate is still at a 50-year low level of 3.7%. 

This development follows a recent interest rate hike by the Federal Reserve, which was intended to reduce investment and inflation but which economists and the Fed both agree will have a negative impact on employment in the long run. 

US Unemployment Rate  – Source: US Bureau of Labor Statistics

The Fed’s policies, the most draconian since the 1980s, have had little effect on the red-hot labor market in the United States thus far. As of mid-2020, the average monthly increase in employment was 562,000; by mid-2022, that number had dropped to 407,000. 

Average monthly job gains in 2019 were 164,000 before the coronavirus epidemic hit the United States.

Bitcoin Price 

The current Bitcoin price is $20,761, with a $42 billion 24-hour trading volume. During the Asian session, Bitcoin gained over 3%. It currently ranks first on CoinMarketCap, with a live market cap of $398 billion, up from $390 billion.

Bitcoin Price & Tokenomics – Source: Coinmarketcap

The BTC/USD pair has broken through the descending triangle pattern at $20,400, and a bullish crossover above the 50-day moving average is likely to take BTC to $20,900. 

A surge in BTC demand could break through the $20,900 resistance level, allowing access to the $21,000 and $21,250 levels.

Bitcoin Price Chart – Source: Tradingview

The MACD and RSI are shifting from a selling to a buying zone, indicating that the uptrend is likely to continue. According to this, BTC can find support at $20,000, and a break of this level can lead to further selling up to $19,700 or $19,400.

New Crypto Presales

The company has confirmed that the Dash 2 Trade presale raised more than $4.6 million and that the D2T token will be sold for the first time on Lbank exchange.  These accomplishments occurred less than two weeks after the start of its public token sale, indicating strong investor interest in its trading intelligence platform.

Dash 2 Trade (D2T) will be listed on Lbank exchange after the second of nine presale phases is completed. Dash 2 Trade, a cutting-edge dashboard and intelligence platform will be available in the first quarter of 2023.

D2T has enthralled cryptocurrency investors all around the world, raising over $4.7 million ($4,752,968) in its presale. 

Visit Dash 2 Trade now

Find The Best Price to Buy/Sell Cryptocurrency

More Articles

Bitcoin News
Bitwise Releases 2025 Crypto Predictions: Bitcoin to $200,000
Hongji Feng
Hongji Feng
2024-12-10 17:59:50
DeFi News
Jupiter DEX Approves Revised Airdrop Proposal After Initial $1.7B Plan Fails
Tim Hakki
Tim Hakki
2024-12-10 17:24:03
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors