A top crypto analyst thinks this week will offer some critical hints about the future direction of Bitcoin (BTC).
In a new YouTube video, Benjamin Cowen tells his 802,000 subscribers that the labor market data, which will become public this week, could suggest a possible trajectory for BTC.
The U.S. Bureau of Labor Statistics publishes reports on the first Friday of every month that include metrics like average hourly earnings, non-farm employment change and the unemployment rate.
The crypto analyst notes that Bitcoin price hesitation leading up to a new month is a “common thing.”
“You get that labor market data and then you decide the short-term direction.”
Cowen also thinks it’s likely that the European Central Bank (ECB) will cut interest rates this week.
The analyst notes that Bitcoin’s 20-week simple moving average (SMA) is currently at $61,793 and its 21-week exponential moving average (EMA) is at $60,478. Taken together, those metrics form what Cowen refers to as the “bull market support band,” an indicator used to determine whether the price of an asset is in bullish or bearish territory.
“It is decision time in the cryptoverse to figure out [whether] we get another move higher into the summer like 2019, or [whether] we’re already there.”
Bitcoin is trading at $69,242 at time of writing. The top-ranked crypto asset by market cap is up nearly 2% in the past 24 hours.
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