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Crypto analyst and founder of Crypto Jobs, Carl Runefelt, spots a key pattern on the daily Bitcoin chart. He notes a bearish divergence as well as a symmetrical triangle that is poised to break out.
The symmetrical triangle is a consolidation chart pattern often considered neutral. Given the current battle between bulls and bears, "Carl from the Moon" gives his price targets for the lead crypto asset.
CHART: #Bitcoin Bearish Divergence and a Symmetrical Triangle ready to break!
— Carl From The Moon (@TheMoonCarl) April 6, 2023
Bullish Target: $31,000
Bearish Target: $25,000 pic.twitter.com/TfaQmdlE27
Bitcoin might go up to $31,000 in a bullish target or drop further to $25,000 in a bearish scenario. At the time of writing, Bitcoin was down 2.26% at $27,916 as investors assessed recent labor market data to determine whether a recession might be on the horizon.
The jobs department reported on Thursday that there were 228,000 jobless claims for the week ending April 1, which is an indication that the labor market is under pressure.
On the bullish end, on-chain analytics firm Glassnode says a key metric — the value of fees — suggests new demand might be entering the market.
One method to gauge rising demand in the market is the value of fees investors are willing to pay to process their transactions.
— glassnode (@glassnode) April 6, 2023
Currently, the 90d SMA 🔴 for fees is outpacing its yearly average 🔵, suggesting new demand is entering the market.
📊 https://t.co/wTGYGjQzH5 pic.twitter.com/8fwVhOUtyO
According to it, one method to gauge rising demand on the market is the value of the fees investors are willing to pay to process their transactions. Currently, the 90-day SMA for fees is outpacing its yearly average, suggesting new demand is entering the market.
On the bearish end, current regulatory concerns and upcoming macroeconomic data releases might dictate the pace of the market.
Investors continue to watch economic stats
Future monetary policy moves are still in the spotlight as the Federal Reserve works to combat inflation and the fallout from financial crises that have recently roiled bond markets.
Investors will be keeping a careful eye on Friday's nonfarm payrolls report for additional indications that the Fed's tightening of the monetary policy is starting to cool the economy.
The market is divided on whether the Federal Reserve will halt or raise rates by an additional 25 basis points at its upcoming meeting in early May.
Arman Shirinyan
Alex Dovbnya
