Bitcoin remained above the $30,000 mark following the release of the US jobs report, while expectations for more rate hikes this year persist.
However, Bitcoin bulls have managed to defend the $30,000 support level, which has been tested several times in recent days.
In an interview with Nexo co-founder Antoni Trenchev, a prominent cryptocurrency advocate, he commented on the employment report and its implications for BTC.
He said wage growth and the unemployment rate could worry hawkish members of the Fed, which could press for more rate hikes this year.
“This means that we are not out of danger when it comes to rate hikes,” Trenchev said.
“However, even in the face of hawkish news, BTC bulls kept their courage and stance.”
Trenchev added that BTC needs a fundamental catalyst to break its course in the current range, as it is unlikely to exceed the 13-month mark due to the employment report alone.
He said the next major event for Bitcoin will be the release of June consumer price index (CPI) data next week, which will provide another measure of inflation.
“Bitcoin could potentially reach $35,000 if the CPI data comes out lower than expected,” Trenchev said.
“However, a higher CPI could cause Bitcoin to drop below $30,000 as investors withdraw some funds from the crypto market.”
*Not investment advice.
