#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 this latest rebound can sustain, with expectations for 164,000 new jobs added in December. A stronger-than-expected jobs report could exacerbate concerns about the Fed's hawkish stance, further pushing up inflation-adjusted bond yields and complicating the outlook for risk assets. Conversely, if the data is weak, it could trigger market expectations of Fed rate cuts, shifting market sentiment significantly in favor of risk assets, and Bitcoin could attempt to break $100,000 again.
Ace Hot Topic Analysis
Analysis
The Bitcoin market is currently showing some stability, with BTC prices rebounding to near $95,000, supported by bargain hunters. Recently, prices tested the $90,000-$93,000 long-term support zone, 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 164,000 new jobs added in December, compared to 227,000 in November. 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 and shift market sentiment significantly in favor of risk assets. Therefore, the outcome of the jobs report will have a significant impact on the price movement of Bitcoin.
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 is negative for risk assets, including Bitcoin.
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.