Over the past few days, Bitcoin has stabilized just below the $ 20.000 mark, which gives hope that the drop seen in recent months is finally coming to an end and that BTC / USD is starting to rebound, because not this week.
Indeed, the news and chart context could help the cryptocurrency finally exit the downtrend it is locked in from its November 2021 highs.
News and data could favor the rise of Bitcoin
On the news front, the week got off to a good start, with banking giant Credit Suisse rumors of financial distress. The Investors they are in a panic at the risk of a new financial crisis, with the resounding failure of Lehman Brothers still fresh in everyone's mind.
A crisis like this, in addition to negatively affecting risky assets, including cryptocurrencies such as Bitcoin, could at first highlight some of the benefits of digital currencies and decentralized finance, further eroding investor and public confidence. in general in banks, in fiat currencies and in the traditional financial system.
Another point to watch carefully this week to anticipate the evolution of Bitcoin will be the US job market. The NFP report on job creation in the United States for the month of September will be released on Friday.
The Fed monitors employment to gauge its room for maneuver in terms of monetary policy. Indeed, a strong job market will suggest that the Fed may continue to raise rates aggressively. Conversely, a nasty surprise on employment numbers could dampen the Fed's rate hike intentions.
However, from the standpoint of Bitcoin and cryptocurrencies in general, central bank rate hikes are powerful bearish factors. In this context, it's safe to assume that Friday's US employment data could allow BTC / USD to take off. Conversely, the good news will encourage the Fed and support rate hike expectations, at the expense of Bitcoin.
Bitcoin is about to send a major bullish technical signal
From a technical standpoint, there are also reasons to believe that Bitcoin may register a major bullish signal this week, or at least start a long-term uptrend.
However, it should be noted that a Bitcoin weakness below the current annual low of $ 17.600 would nullify the bullish scenario and tip the balance towards a further decline towards $ 15.000.
