Bitcoin’s future direction could be revealed this week, according to crypto analyst Benjamin Cowen. In a YouTube video, Cowen suggests that the labor market data, set to be released by the U.S. Bureau of Labor Statistics, may give insight into BTC’s trajectory. He explains that it is common for Bitcoin to hesitate in price leading up to a new month, and the labor market data can help determine its short-term direction. Cowen also predicts that the European Central Bank (ECB) will cut interest rates this week. He highlights Bitcoin’s 20-week simple moving average (SMA) at $61,793 and its 21-week exponential moving average (EMA) at $60,478, which form what he calls the “bull market support band.” This indicator will help determine whether Bitcoin is in a bullish or bearish territory. As of now, Bitcoin is trading at $69,242, with a 2% increase in the past 24 hours.