Bitcoin Price Crosses $21,000 Barrier To Hit A Multi-Week High Following Jobs Data

November 4 is proving to be an extremely exciting day for the entire Bitcoin community. This is because the trading price of Bitcoin crossed the $21k barrier on November 4. With the recent jump, Bitcoin has successfully crossed a highly formidable wall that was known for high sales.

Bears Kept Pulling BTC below $21k

For several weeks, whenever the bulls tried hard to bring BTC close to $21k, the bears were able to launch a stronger selling attack. This would eventually pull the trading price of BTC below the $20k barrier.

However, in the November 4 trading session, the bulls managed to push the trading price of BTC over the $21k level. This is a significant push that the bulls have achieved and it has helped them cross the $21k barrier for the first time in several weeks.

After a long time, the sellers have finally moved aside and Bitcoin has managed to hit a multi-week high. The data from TradingView shows that the trading price of Bitcoin has managed to break through $21,262.

The $21.262k level is the resistance level that the buyers have successfully crossed while maintaining a strong rally and bullish sentiments. During the week, Bitcoin was seen struggling to return to a higher trading level.

However, the recent trading session has helped Bitcoin move in the upward direction. The trading price of BTC is now moving upward and it would soon come close to hitting $21,500. This is the best performance Bitcoin has demonstrated since the 13th of September.

US Unemployment Data Boosted BTC

According to the analysts, it is the unemployment data that seems to have helped push the trading price of Bitcoin in the recent trading session. For the month of October, the Feds had set the forecast for unemployment to 3.5%.

However, the actual unemployment rate that was recorded for the month of October was 3.7%, 0.2% more than the estimation. This could only suggest that the interest hikes being introduced by the Feds may be working their magic.

If not everyone but the whales do believe that the strategy incorporated by the Feds seems to be working. This is a good sign in favor of Bitcoin as the whales would continue investing more money into the cause to generate stronger incomes.

Investors Hoping for a $30k Jump

According to many analysts, November may prove to be the month when the curse on Bitcoin is finally broken. If the bulls gain enough confidence to keep pushing and they are able to evade the pull, then BTC’s price may continue pushing forward.

In that case, the trading price of Bitcoin may gain enough momentum that it may continue moving higher. There are multiple speculations that suggest that November may be the month when Bitcoin would be able to hit and cross the $30k barrier.