Crypto analyst Benjamin Cowen believes this week’s economic data will provide crucial insights into Bitcoin’s future direction.
Labor Market Data Key
Cowen expects the labor market data, released on the first Friday of each month, to influence BTC’s short-term trajectory. Metrics like average hourly earnings, non-farm employment change, and unemployment rate will be closely watched.
Cowen notes that Bitcoin often hesitates before the start of a new month, with the labor market data acting as a decision point for its direction.
ECB Interest Rate Decision
Cowen also anticipates a potential interest rate cut by the European Central Bank (ECB) this week.
Moving Averages and Bull Market Support Band
The analyst highlights Bitcoin’s 20-week simple moving average (SMA) at $61,793 and its 21-week exponential moving average (EMA) at $60,478. These metrics form the “bull market support band,” which indicates whether Bitcoin is in a bullish or bearish trend.
Decision Time
Cowen believes this week will determine whether Bitcoin will experience a summer rally like in 2019 or continue its current trajectory.
At the time of writing, Bitcoin is trading at $69,242, up nearly 2% in the past 24 hours.
