FED’s Delay Taper May Boost Bitcoin to $55K Again

Today, Bitcoin attempts to break above $52,000 which is the highest price since May 19th.  At the time of writing, BTC is currently trading at around $51,500 with an increasing rate of 2.95%.

 

On the economic data front, last Friday, the U.S. Bureau of Labor Statistics revealed that nonfarm payrolls (NFPs) grew by 235,000 in August, against expectations of 733,000 positions. Nevertheless, the unemployment rate inched lower to 5.2% from the previous month's 5.4%.

 

Bitcoin skyrocketed in anticipation that a slowdown in the U.S. jobs sector would prompt the Federal Reserve to limit its taper tantrum.

 

In addition, the Delta variant keeps denting hopes of a steady economic and labor market recovery. Moreover, Sept. 3's job data hints that the U.S. central bank will need to continue its $120 billion per month asset purchase program. The outlook stressed the U.S. dollar lower and sent non-yielding hedging assets like Bitcoin higher.

 

BTC Technical Analysis

On the 4H chart, Bitcoin price is trying to break above Bollinger upper band, but it is still resisted by the upper band ($51,897). And since the beginning of September, BTC has been moving up with relatively strong bullish momentum. Both MACD and RSI give bullish signals. BTC has plenty of room to rise as there are no obvious resistance levels before $55,000.

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