#Buy Bitcoin on dips#
Hot Topic Overview
Overview
Bitcoin has seen some dip-buying recently, with prices rebounding to near $95,000, but it faces a key test with the US jobs report. Later on Wednesday, Bitcoin prices tested the long-term support zone of $90,000-$93,000, which has successfully prevented at least six declines since the second half of November. Friday's US nonfarm payrolls report will determine whether Bitcoin's latest rebound can sustain, with the report expected to show 164,000 new jobs added in December. A stronger-than-expected jobs report could exacerbate concerns about a hawkish Fed, further pushing up inflation-adjusted bond yields, making the outlook for risk assets more complicated. On the other hand, if the data is weak, it could trigger market expectations of a Fed rate cut and shift market sentiment significantly in favor of risk assets, potentially allowing Bitcoin to attempt to break through $100,000 again.
Ace Hot Topic Analysis
Analysis
The Bitcoin market has seen some stabilization, with prices rebounding to near $95,000, supported by bargain hunters. Recently, Bitcoin prices tested the long-term support zone of $90,000-$93,000, which has successfully prevented at least six declines since the second half of November. However, the upcoming US non-farm payrolls report will test this latest rebound. The report is expected to show an addition of 164,000 jobs in December, compared to 227,000 in November. A stronger-than-expected jobs report could intensify concerns about the Fed's hawkish stance, further pushing up inflation-adjusted bond yields, putting pressure on risk assets. On the other hand, if the jobs data is weak, it could trigger market expectations of a Fed rate cut, leading to a significant shift in market sentiment in favor of risk assets. Therefore, the direction of Bitcoin prices will largely depend on the outcome of the jobs report.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin buyers on dips are supporting the market, but key US jobs data could impact price action.
Stronger-than-expected jobs data could exacerbate concerns about the Fed's hawkish stance, further pushing up real yields, which would be negative for risk assets.
If jobs data is weak, it could spark market expectations of Fed rate cuts, which would be positive for risk assets, and Bitcoin could again attempt to break through $100,000.
The US government holds a large amount of Bitcoin, and its selling could impact market movements.