Bitcoin was hovering just above $30,000 on Friday, amid multiple signals that more rate hikes could be in store this year.
The world’s biggest cryptocurrency by market capitalization rose 0.2% at 12:40 p.m. in New York, according to CoinGecko.
“Wage growth and the unemployment rate will concern the hawks at the Fed and that means we’re not out of the woods when it comes to hikes,” Nexo co-founder Antoni Trenchev told The Block. “But, even in the face of the hawkish news bitcoin bulls kept their nerve and held their ground.”
A new jobs report on Friday and private sector data released yesterday reinforced investor belief the Federal Reserve will resume rate hikes at its meeting later this month.
U.S. stocks opened lower on Friday after the news.
Bitcoin trading range
Trenchev said bitcoin needs a fundamental driver to break out of its current range, “as it is unlikely to pierce its 13-month high on the back of the jobs report.”
Ahead inflation data expected Wednesday, investors are aligning their positions.
“If the CPI data is lower than expected, Bitcoin could potentially reach $35,000,” Trenchev said. “However, a higher CPI might cause Bitcoin to fall below $30,000 as investors withdraw some funds,”
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