#Buy Bitcoin on dips#
Hot Topic Overview
Overview
The Bitcoin market is currently in a state of relative stability, with prices rebounding to near $95,000, fueled by dip buyers. Prices tested the long-term support zone of $90,000-$93,000 late Wednesday, an area that has successfully prevented at least six dips since the second half of November. However, Friday's US non-farm payrolls report will test this latest rebound, with a stronger-than-expected jobs report potentially exacerbating concerns about Fed hawkishness, further pushing up inflation-adjusted bond yields and complicating the outlook for risk assets. If the data comes in significantly better than expected, BTC could easily attempt $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 key test with the US jobs report. While Bitcoin prices had dipped to $93,000 earlier this week, order books showed dip buyers supporting the price rebound. However, Friday's US nonfarm payrolls report will test this rally, with expectations for 164,000 new jobs added in December, the unemployment rate remaining unchanged from November, and average hourly earnings expected to decline slightly. 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 Fed rate cuts and shift market sentiment significantly in favor of risk assets, potentially allowing Bitcoin to attempt to break through $100,000 again. Therefore, investors need to closely monitor the outcome of the US jobs report and remain vigilant.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin buyers on dips are supporting the market, but the key jobs report could have an impact on price.
A stronger-than-expected jobs report could exacerbate concerns about the Fed being hawkish, further pushing up real yields, which is negative for risk assets, including Bitcoin.
If the jobs data is weak, it could spark market expectations of a Fed rate cut, 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 have a significant impact on the market.