Bitcoin (BTC) Price Prediction: Will BTC Price Hold Above $55K Amid US Job Market FUD?

The growing bearish influence over the market has successfully managed to drop the BTC price by 5.65% in the last seven days. Currently, the Bitcoin

The bear market is putting pressure on the BTC price, which has dropped by 5.65% in the last seven days. Currently, the Bitcoin market cap is at $1.10 trillion.

As the 24-hour liquidation approaches $100 million, will the sell-off rally in Bitcoin lead to a crash to $50,000? Let's find out.

Bitcoin Price Performance

In the past 24 hours, the Bitcoin price has decreased by 1.14%, and it is now trading at $56,025. As it struggles to maintain dominance above the $56,000 level, the Bitcoin price forms an intraday doji candle.

On the daily chart, with the doji candle, the BTC price is hovering near the $55,852 base level of the Fibonacci retracement tool. If the BTC price manages to close the day with the doji candle, the chances of a reversal will increase significantly. Furthermore, a potential morning star could be seen for a recovery rally.

TradingviewDespite the bear cycle, the daily chart shows a bullish flag pattern. However, the support trendline is far from the current price and could lead to a price drop to the $52,500 level.

Bitcoin Drops as US Job Market FUD Hits Hard: Will BTC Crash to $50,000?

The US jobs report, which will be released on Friday, will be a key factor in the upcoming discussion on interest rate cuts. If the report shows a shortage of jobs, indicating an economic slowdown, the chances of a rate cut to stimulate the economy will increase. Rate cuts make lending more accessible and increase investment inflows into risky assets such as Bitcoin.

As a result, with a potential rate, the BTC price is likely to rise sharply and reclaim the $60,000 mark.

However, with the FOMC meeting in 12 days, the CME Fed Watch Tool shows a 41% chance of a 475 to 500 basis point rate cut. Therefore, the short-term panic with the Job data release is likely to subside next week, leading to a recovery run.

Will BTC Price Hold Above $55K?

Despite the ongoing decline, the BTC price is showing indecision in the market with a Doji near $55,500. Therefore, the chances of Bitcoin surviving the crash above the $55K mark are high.

However, a minor correction is possible if the sentiments worsen around the Job report release. On the positive side, a slowdown in the Job sector will lead to a sentimental boost for the crypto market. The increased chances of a rate cut will propel the BTC price to the $60,000 level.

Curious about how the BTC price will fare in 2024? Our Bitcoin (BTC) Price Prediction covers this and more!

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