#Buy Bitcoin on dips#
Hot Topic Overview
Overview
Bitcoin has seen some dip-buying recently, with prices rebounding to near $95,000. However, this rally faces a crucial test with the key US jobs report. The non-farm payrolls report, due out on Friday, will determine market expectations for the Fed's monetary policy, which in turn will influence Bitcoin's trajectory. If the jobs data comes in stronger than expected, it could intensify concerns about a hawkish Fed, pushing up bond yields and hurting risk assets, including Bitcoin. Conversely, if the data is weak, it could trigger market expectations for a Fed rate cut, which would be positive for Bitcoin. Additionally, the US government's large holdings of Bitcoin could also impact market movements. Overall, the Bitcoin market is currently in a wait-and-see mode, with investors needing to closely monitor the jobs report and other macroeconomic factors.
Ace Hot Topic Analysis
Analysis
The Bitcoin market is currently showing some stability, 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 increase of 164,000 jobs in December. A stronger-than-expected jobs report could exacerbate concerns about the Fed's hawkish stance, further pushing up inflation-adjusted bond yields, which would put pressure on risk assets. On the other hand, if the jobs data is weak, it could trigger market expectations of a Fed rate cut, which would be positive for risk assets. Therefore, the direction of Bitcoin prices will depend on the outcome of the jobs data release and the direction of Fed policy. In addition, the US government's large holdings of Bitcoin could also have an impact on the market.
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 prices.
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.