Bitcoin’s future direction could be revealed by this week’s labor market data, according to a leading crypto analyst. Benjamin Cowen, known for his popular YouTube channel with over 800,000 subscribers, believes that the upcoming reports from the U.S. Bureau of Labor Statistics could provide valuable insights into BTC’s trajectory. He points out that Bitcoin often experiences price hesitation before the release of new monthly labor market data. Cowen also predicts that the European Central Bank (ECB) will reduce interest rates this week. In terms of technical analysis, Cowen highlights that Bitcoin’s 20-week simple moving average is currently at $61,793, while its 21-week exponential moving average is at $60,478. These metrics form what Cowen calls the “bull market support band,” which helps determine whether an asset is in a bullish or bearish territory. He suggests that now is the time for the crypto community to determine whether Bitcoin will see another upward move similar to 2019 or if it has already reached its peak. At the time of writing, Bitcoin is trading at $69,242, showing a nearly 2% increase in the past 24 hours.