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What is the Reason for the Rise in Bitcoin and Altcoins? Will the Rise Continue? Analysts Pointed to Friday!

There has been a healthy upward recovery in Bitcoin and altcoins in the last 24 hours, with the BTC price rising above $71,000.

While this rise in Bitcoin was accompanied by altcoins, BNB increased by 12.3% in the last 24 hours, rising above $ 700 and refreshing its ATH.

FLOKI 30% outside BNB; Uniswap (UNI) and ORDI ranked first among the most profitable altcoins in the market with their rise of 18.7% and 17.4%.

Behind this rise was the JOLTS data announced by the US Department of Labor for April and the record entry in US spot Bitcoin ETFs after a long time.

Evaluating the JOLTS data, Oxford Economics economist Nancy Vanden Houten said, “The FED will welcome signs that the situation in the labor market has calmed down, but the JOLTS data does not change our view that the FED will keep interest rates at current levels until September.”

While market analysts consider the latest rise as an indicator that BTC is on its way to a new ATH, QCP Capital analysts said in their latest report that the rise in BTC may continue after the US data to be announced on Friday.

QCP Capital said that the Non-Farm Employment data to be announced on Friday in the USA will bring an increase to the Bitcoin and cryptocurrency markets.

Stating that there are many positive developments in the market other than the US data, analysts stated that these events include large inflows in US spot BTC ETFs, Thailand SEC’s approval of the first spot BTC ETF and the launch of Australia’s first spot BTC ETF.

At this point, analysts stated that bullish expectations for Bitoin continue and said that Friday’s non-agricultural employment data will play a critical role in this rise.

“As a result of new developments on the Spot Bitcoin ETF front, the unprecedented influx of traditional capital worldwide into Bitcoin will undoubtedly support the BTC price.

We expect this upward momentum in Bitcoin to increase further with NFP on Friday. Markets price the possibility of a rate cut in June and July as 0%. A weaker NFP figure could change this situation. “This could be the catalyst to break all-time highs.”

Bitcoin continues to trade at $71,128 at the time of writing.

*This is not investment advice.

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