#Buy Bitcoin on dips#
Hot Topic Overview
Overview
The Bitcoin market has seen some stabilization recently, with prices rebounding to near $95,000 as dip buyers emerged. However, Friday's US nonfarm payrolls report will test this rally. The report is expected to show 164,000 jobs added in December, and a stronger-than-expected jobs report could exacerbate concerns about the Fed's hawkish stance, further pushing up real yields and complicating the outlook for risk assets. On the other hand, if the data is weak, it could trigger market expectations of Fed rate cuts and lead to a significant shift in market sentiment in favor of risk assets, potentially allowing Bitcoin to attempt to break through $100,000 again.
Ace Hot Topic Analysis
Analysis
Bitcoin has seen some dip-buying recently, with prices rebounding to near $95,000, but it faces a test with the key jobs report. Later on Wednesday, Bitcoin prices tested the long-term support zone of $90,000-$93,000, which has successfully stopped at least six declines since the second half of November. Friday's US nonfarm payrolls report will test this latest rebound, with expectations for 164,000 new jobs added in December. A stronger-than-expected jobs report could exacerbate concerns about the Fed being hawkish, further pushing up real yields, complicating the outlook for risk assets. These yields have been rising due to inflation concerns, causing Bitcoin to plummet from $102,000 to $93,000 in the past four days. If the jobs data is weak, it could trigger market expectations of a Fed rate cut, shifting market sentiment significantly in favor of risk assets, potentially allowing Bitcoin to attempt to break through $100,000 again.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin buyers on dips helped support prices, but a key jobs report will test the rebound.
A stronger-than-expected jobs report could exacerbate concerns about the Fed's hawkish stance, further pushing up real yields and complicating the outlook for risk assets.
If the jobs data is weak, it could spark market expectations of Fed rate cuts, leading to a significant shift in market sentiment in favor of risk assets.
The US government holds a large amount of Bitcoin, and its selling could impact market movements.