Cryptocurrencies are a major hurdle for Bitcoin

On Thursday, major cryptocurrencies showed signs of slight improvement as better-than-expected unemployment and GDP data came in. Investors remained narrowly focused on the ongoing discussions to determine whether the U.S. government will default on its debts.

What has happened to the leading cryptocurrency, in terms of market value, in recent weeks due to a combination of macroeconomic uncertainties.

The biggest issue is the lingering deadlock over the debt limit, which will ultimately determine if the US government can meet its financial obligations.

While some positive developments have been reported by Republican House lawmakers on Thursday, it is still unknown if the parties involved can reach a resolution in time to prevent a possible government default.

The global crypto market capitalization was up 0.96% to $1.11 trillion at the time of writing, a growth of 0.96% over the past 24 hours.

On Thursday, the US stock market surged after positive quarterly results from Nvidia, resulting in a rally in technology stocks. The S&P 500 rose 0.88%, while the Nasdaq's tech-heavy Nasdaq surged 1.71%.

The latest job report released on Thursday brings some good news for the American economy. A total of 229,000 Americans filed for unemployment benefits last week, well below the expected number of 245,000. The US economy has been expanding, with a growth rate of 1.3% in the third quarter marking the third consecutive quarter of growth.

What are some of the best strategies for trading Cryptocurrencies?

Analyst Notes: Bitcoin is hovering above the $26,000 level as traders await to see if increasing bets on Fed rate hikes will continue to drag down cryptos. Bitcoin's performance is much better than gold, as investors struggle with assessing recessionary fears, positive flows into stocks, and overall optimism that the US won't default. Debt ceiling angst remains despite all the optimistic comments from Speaker McCarthy. This recent round of dollar strength probably won't last and it will be interesting to see if market stress eventually triggers flows back into crypto, said Edward Moya, senior market analyst at OANDA.

When Bitcoin crosses a crucial resistance zone, according to renowned cryptocurrency analyst Jason Pizzino, it may experience a significant double-digit surge.

Pizzino highlighted that the cost of the leading crypto asset is facing a significant hurdle, ranging from $28,000 to $32,000. Pizzino believes that once Bitcoin can break through this substantial resistance, it could possibly surge by as much as 80% from its current price level.

With Bitcoin's value falling to around $32,000, it is going to be the final hurdle for Bitcoin to overcome. I suspect when it does, you will start to see less of the bears and more of the bulls, he said.

Pizzino predicted that BTC would be looking towards $48,000 for the next quarter, which would be a cutoff from the previous IPO, according to Pizzino. And of course the all-time highs. Cryptocurrency analyst Micheal Van de Poppe notes that the total market capitalization for crypto is currently holding above the crucial 200-week MA and EMA levels. These levels are crucial support that must hold to give way to the next impulse upward. If this support fails, Van de Poppe sees a drop in Bitcoin s value to $20 k.

Jim Cramer Advises Against using Binance, Provokes Strong Reactions From Twitter Users.