According to CoinMarketCap data, the Bitcoin price has increased by approximately 4.3% in the last 24 hours.
Despite this latest rise, Bitcoin is still around 10% below its all-time high of $73,000 recorded in mid-March. Neil Roarty, an analyst at Stocklytics, suggests that strong economic indicators from the US may be affecting Bitcoin's performance.
Roarty also notes that the Fed is not under immediate pressure to start a rate-cutting cycle this year. He thinks such rate cuts may be necessary to steer Bitcoin's price towards its projected target of $100,000 in 2024.
In addition, Roarty said the following about the possible effects of the US economic data to be announced tomorrow on BTC:
“All attention now turns to the highly anticipated March employment report, which the Bureau of Labor Statistics will release on Friday. “Forecasters are predicting another strong month, and if that is indeed the case, Bitcoin bulls may have to settle for a period of consolidation.”
Coinbase analysts David Duong and David Han also emphasized in an email that Bitcoin's performance will be affected by US economic data. They stated that there was an unexpected increase in US manufacturing activities, which pushed the dollar to levels last seen in November.
*This is not investment advice.