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Bitcoin price analysis ahead of US non-farm payrolls data

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bitcoin price

Bitcoin price held steady on Thursday as investors focused on the upcoming US non-farm payrolls data scheduled for Friday this week.

Summary

  • Bitcoin price moved to a local bull market after rising by 20% from the year-to-date low.
  • The rally happened amid hopes of talks between the US and Iran on ending the war.
  • The US will publish the latest non-farm payrolls data on Friday.

Bitcoin (BTC) token was trading at $72,450, up by 20% from its lowest level this year, meaning it has moved into a local bull market. 

The recent rebound started on Wednesday after reports that Iran had reached out to the Americans to end the war. Still, the odds of a ceasefire happening in the near term are slim as the three sides commit to fighting. This explains why Brent and West Texas Intermediate jumped to $84.15 and $78.

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Bitcoin price will next react to the upcoming US non-farm payrolls data, which will come out on Friday. Economists polls by Reuters expect the upcoming report to show that the labor market softened in February.

The average estimate is that the economy created 70k jobs, much lower than the 110k it created in January. They also expect the report to reveal that the unemployment rate remained unchanged at 4.3%.

These numbers are important as the Federal Open Market Committee will meet on March 17 and 18. Economists believe that the bank will leave rates unchanged between 3.50% and 3.75%. 

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A weak NFP report may push some Fed officials to support a rate cut. In a statement on Wednesday, Stephen Miran maintained that the bank should slash rates, citing the jobs market.Fed officials are concerned about inflation, which may accelerate because of the ongoing war in the Middle East. 

Bitcoin and other cryptocurrencies experience more demand when the Fed is cutting interest rates. 

Bitcoin price forecast: Technical analysis 

bitcoin price
Bitcoin price chart | Source: crypto.news

BTC price has staged a comeback recently, moving from the year-to-date low of $60,000 to $72,700. It has moved above the crucial resistance level at $71,000, its highest level on February 15. This price was also the neckline of the inverted head-and-shoulders pattern.

The coin has already flipped the Supertrend indicator from red to green and moved above the 50-day Exponential Moving Average.

It is also hovering near the 23.6% Fibonacci Retracement level, which is drawn by connecting the all-time high and the lowest level this year.

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The most likely Bitcoin price prediction is bullish, with the key target being the psychological level at $80,000. On the flip side, a drop below the key support level at $70,000 will cancel the bullish outlook.

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Crypto World

Hacker Steals $2.7M From Solv’s Bitcoin Yield Platform

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Hacker Steals $2.7M From Solv’s Bitcoin Yield Platform

Crypto security researchers say the hacker exploited a bug allowing them to mint tokens, before swapping the freely-gained tokens for another tied to Bitcoin.

Bitcoin-based decentralized finance platform Solv Protocol says one of its token vaults was exploited for $2.7 million and has offered the attacker a 10% bounty in exchange for returning the stolen funds.

Solv said in an X post on Thursday that less than 10 of its users were impacted, but it would cover the loss of 38.05 Solv Protocol BTC (SolvBTC), a token pegged to Bitcoin (BTC).

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The project added that it had implemented measures to prevent the same attack from recurring and was investigating the exploit with crypto security firms Hypernative Labs, SlowMist and CertiK.

Source: Solv Protocol

Solv allows users to deposit Bitcoin for Solv Protocol BTC, which they can then use to lend, borrow or stake on other blockchains. The project has 24,226 Bitcoin worth over $1.7 billion and claims it is the largest on-chain Bitcoin reserve.

Solv hasn’t confirmed how the exploit happened, but two crypto security researchers attributed it to a vulnerability in one of Solv’s smart contracts that allowed the hacker to excessively mint a token used on the protocol.

Related: Mt. Gox’s former CEO floats hard fork to recover 80K hacked Bitcoin

The hacker exploited this vulnerability 22 times before swapping hundreds of millions of the tokens for a little over 38 SolvBTC, CD Security co-founder Chris Dior said.

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