New Economic Data To Decide Bitcoin’s Next Direction, According to Analyst Benjamin Cowen

New Economic Data To Decide Bitcoin’s Next Direction, According to Analyst Benjamin Cowen


A top crypto analyst thinks this week will offer some critical hints about the future direction of Bitcoin (BTC).

In a new YouTube video, Benjamin Cowen tells his 802,000 subscribers that the labor market data, which will become public this week, could suggest a possible trajectory for BTC.

The U.S. Bureau of Labor Statistics publishes reports on the first Friday of every month that include metrics like average hourly earnings, non-farm employment change and the unemployment rate.

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The crypto analyst notes that Bitcoin price hesitation leading up to a new month is a “common thing.”

“You get that labor market data and then you decide the short-term direction.”

Cowen also thinks it’s likely that the European Central Bank (ECB) will cut interest rates this week.

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