While the Bitcoin market has recently shown signs of recovery, analysts agree that the bullish momentum could be tested by upcoming economic data, particularly those related to US employment.
Renewed optimism in the market
- Positive technical closes: Bitcoin recently recorded a strong weekly close, above levels considered critical by traders, reinforcing the hypothesis of a prolonged rally.
- Bullish analyst forecasts: Several experts foresee a test of previous highs, or even new records, based on accelerating institutional demand and the maintenance of technical support levels.
Economic fundamentals to watch
- High-impact employment data: The release of the US employment report in July is seen as a potential source of volatility. An overly robust labor market could revive fears of monetary tightening.
- Influence of Fed Policy: Any shift in the trajectory of interest rates, linked to changes in inflation or employment, could directly impact the behavior of crypto investors.
Opportunities and Risks
Opportunities:
- Strengthening market confidence with a sustained breakout of resistance levels
- Growing attraction of institutional investors to an asset perceived as a safe haven
Risks:
- Rapid correction if employment figures defy expectations
- Overreactions to Fed decisions, increasing volatility
Conclusion
Bitcoin is entering a pivotal phase where technical momentum must balance macroeconomic uncertainties. If the bullish momentum continues despite headwinds, the cryptocurrency could begin a new valuation cycle. However, investors' attention remains focused on upcoming economic indicators, which are likely to guide the short-term trend.
