Bitcoin Price Prediction; BTC is Steady Above $29,000; All Eyes on US NFP Figures
Bitcoin's price is trading choppy above the $29,000 threshold, and has captured the attention of traders and investors.
With a current price of $29,216 and a 24-hour trading volume of $12.4 billion, Bitcoin's performance is being closely monitored by market participants.
However, all eyes are also on the upcoming release of the US Non-Farm Payrolls (NFP) figures, as the data could potentially have a significant impact on Bitcoin's trajectory.
Let's examine the Bitcoin price prediction and how the NFP figures might impact the cryptocurrency market.
Ahead of Friday's scheduled release of Non-Farm Employment data, the USD has shown signs of strength.
This positive outlook is due to the anticipation of July's figures, with the market expecting a decrease of 6K jobs from June, bringing the total to around 203K.
Additionally, the Average Hourly Earnings for July are predicted to be at 0.3%, a slight drop from June's 0.4%. Overall, there are expectations for a better-than-average report.
The recent increase in the price of Bitcoin is mainly due to its strong performance on the Cash App platform by Block.
Although there was a small decrease in Bitcoin profits in comparison to the first quarter of 2023, they are still 7% higher than last year.
Block Inc., a payment technology company, announced impressive Q2 results, with a 34% YoY increase in Bitcoin revenue, reaching $29,216.
During the Q2 earnings call, the company revealed that they made a staggering $2.4 billion in Bitcoin sales on the Cash App, resulting in a gross profit of $44 million, which is a 7% increase from the previous year.
It's worth noting that Bitcoin sales contributed to almost half of Block's total Q2 revenue of $5.53 billion, marking a 25.6% YoY increase.
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