Bitcoin maintains its position above $35,500 as traders anticipate the impact of the US jobs report.

FUNDAMENTAL OVERVIEW

The Bitcoin price has held firm above the $35,500 mark on the Binance platform after the Federal Reserve’s decision to maintain interest rates at their current levels. In the cryptocurrency market, all eyes are on the imminent release of the US Nonfarm Payrolls (NFP) report for October, which is poised to have a significant impact on Bitcoin’s short-term price trajectory.

Traders are preparing for potential market turbulence triggered by the NFP report. The Federal Reserve’s data-driven approach to interest rate determinations has exerted a positive influence on Bitcoin’s price, underscoring the pivotal role that the October NFP report may play in deciding whether interest rates remain steady or experience an upward shift before the close of 2023. According to market projections, the October NFP report is expected to reveal an addition of 180,000 nonfarm payrolls.

Should the NFP report exceed expectations with a notable increase, it could result in a brief dip in Bitcoin’s price. Nevertheless, a swift recovery is anticipated, fuelled by bullish sentiment driven by the potential approval of a spot Bitcoin ETF by the Securities and Exchange Commission (SEC).

The anticipation of these economic indicators highlights the substantial influence they wield over cryptocurrency markets. As traders get ready for these occurrences, they will vigilantly observe any alterations in Bitcoin’s price and market sentiment.

BITCOIN TECHNICAL ANALYSIS DAILY CHART:

Technical Overview

Bitcoin is currently trading within a up channel.

Bitcoin is positioned above all Moving Averages (SMA).

The Relative Strength Index (RSI) is in the buying zone, while the Stochastic oscillator suggests a neutral trend.

Immediate Resistance level: 35606

Immediate support level: 34666

HOW TO TRADE BITCOIN

Bitcoin initially saw an increase, but then it retreated and entered a downtrend with lower lows. However, it eventually found a support level, which led to a reversal and the creation of higher highs. Currently, it is approaching a crucial resistance level, and if this level is breached, it could lead to further upward movement.

TRADE SUGGESTION- BUY LIMIT– 34678, TAKE PROFIT AT- 36021, SL AT- 33866.