Over the past 7 days, the price of Bitcoin has increased by 16%, which has provoked a stir in the cryptocurrency market.. The Bitcoin rate fixed at $42,000 and continued its upward movement to the current local maximum at $44,000.
The macroeconomic background continues to remain positive, which increases bullish interest in the cryptocurrency and creates sentiment for updating the local maximum at $45,000.
Monday morning brought a small correction to the $40,400 gap, which unloaded the long load on the market and will allow for further growth.
The general situation on world markets and its impact on the Bitcoin forecast and the price of the cryptocurrency
U.S. job growth was stronger than expected last month, thanks in part to striking workers in Hollywood and the auto industry returning to work.
November nonfarm payrolls report showed unexpected decline in unemployment rate. The unemployment rate fell to 3.7% in November from 3.9% the previous month.. It was expected to stay the same. The economy added 199,000 jobs, slightly above the Dow Jones estimate of 190,000 and well above the 150,000 jobs added in October.
The monthly report is being watched closely as the U.S. central bank tries to cool the economy to reduce inflation, the rate at which prices rise.
In addition to stronger-than-expected job growth, the report showed average hourly pay rose 0.4% since October. Average hourly earnings rose 4% from November 2022, a pace that analysts said was too fast for the Fed to declare its job done.
A strong labor market has helped support consumer spending, a key driver of the U.S. economy, although some retailers have warned of weaker sales in recent weeks.
Job growth last month was driven by hiring at health care firms, manufacturing firms and the government.. Wages at retail, warehouse and transportation companies have fallen despite the approaching holiday season.
The S&P 500 rose to a new high for the year after November’s jobs report and University of Michigan consumer survey data signaled a resilient economy and cooling inflation, fueling hopes of a so-called soft landing scenario.
All major indices ended the week with growth. The broad market index jumped 0.2% in the period, while the Dow Jones Industrial Average closed slightly higher.. Both indices completed six winning weeks, their longest gains since 2019. The Nasdaq index added 0.7%.
European shares rose, led by luxury and financial stocks, as German inflation data released on Friday fell to near a two-and-a-half-year low.
This has led to renewed expectations that the European Central Bank will reach the peak of monetary tightening and may begin cutting rates sooner than expected. However, energy and mining stocks fell this week, largely due to sluggish demand in China.
What will the price of Bitcoin be in the short term?