After peaking at fresh record highs in the $68,900 area earlier in the week, the bitcoin price retreated partially amid profit-taking. However, the coin refrained from a major correction to resume the ascent after a short-lived decline. On Friday, the BTCUSD pair has been rising for the third session in a row, oscillating around the $67,000 figure ahead of the weekend.
It looks like the largest cryptocurrency by market capitalization could extend the ascent both in the near- and medium term as the upcoming BTC halving event should complement the current demand from spot BTC ETF products. The technical picture is bullish as well, with the coin now holding above both the 50- and 200-DMAs, staying resilient despite overbought conditions.
Apart from industry factors, bitcoin derives support from a weaker dollar. The USD index slipped to mid-January lows earlier on Friday before bouncing marginally. The dollar stayed pressured as Powell’s relatively dovish comments sent benchmark 10-year Treasury yields to a one-month low. Focus is now on US employment data, with the consensus forecasting that 200,000 new jobs were created in February, well down from January’s 353,000.
BTC supported by rallying stocks and weaker USD
Should the report disappoint USD bulls, the digital currency may receive extra support ahead of the weekend. Positive risk sentiment would add to upbeat sentiment surrounding bitcoin. By the way, Wall Street stocks extended gains on Thursday to refresh all-time highs. The Nasdaq Composite added 1.5% as tech stocks took the lead, while the S&P 500 rallied more than 1% to hit another record closing high.
In the near term, BTCUSD needs to hold above the $67,000 level in order to stay afloat and make fresh bullish attempts in the coming days. Volatility has ebbed somehow since the latest rally, suggesting the coin could see some consolidation before deciding on the further direction.