Bitcoin Surges back to $62,000 after Massive Fall

After what was known as “Crypto Black Monday”, where Bitcoin (BTC) fell by more than 15%, the coin climbed briefly back up to $62K on Thursday evening.

A price correction occurred afterwards, bringing the token price back down to $60,695 (BTC/USD). Still, the coin is up by 5.77% over the last 24 hours.

Some analysts say that this indicates a bullish pattern in the coin and that since it hit what they assume to be its floor a few days ago, the coin is only going to go up from here.

Investors should take into account, however, that the sharp drop on Monday as well as over the previous weekend were caused by a poor unemployment report that showed that unemployment was up for the US. The price reversal that pushed Bitcoin past $62K on Thursday was caused primarily by a positive jobs report that showed that jobless claims were down from the previous week.

While larger patterns may be at work, it is evident that Bitcoin is subject to the force of economic reports and their effect on inflation and the larger economy.

What to Expect from Bitcoin

We will likely continue to see bullish behavior from the token and the rest of the crypto market for now. The positive jobs report will mean a lot to the crypto market and the stock market, helping boost the investments and spur price increases for the short term.

However, a new economic report could move things in a different direction. Any further jobs reports will likely have the biggest impact, since that is what caused the massive market shift in the first place. The jobs report will likely be a point of focus for investors and analysts for the coming weeks.

Investors are now looking at long positions, expecting Bitcoin to do well over the next few months. Will we see Bitcoin push past $100K this year? It is unlikely, but if enough economic factors work in its favor, that could be possible. It is more likely according to what we have seen this year, that Bitcoin will hit as high as $80K before the end of the year, setting a new record high.