#Buy Bitcoin on dips#
Hot Topic Overview
Overview
The Bitcoin market has seen some dip-buying recently, with prices rebounding to near $95,000, but it still faces a test from 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 determine whether this latest rebound can sustain, with expectations for 164,000 new jobs added in December, compared to 227,000 in November. A stronger-than-expected jobs report could exacerbate concerns about a hawkish Fed, further pushing up inflation-adjusted bond yields, which would put pressure on risk assets.
Ace Hot Topic Analysis
Analysis
Bitcoin has recently seen a dip-buying phenomenon, with prices rebounding to nearly $95,000. However, the market still faces a crucial test with the upcoming US jobs report. If the employment data comes in stronger than expected, it could intensify 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, leading to a significant shift in market sentiment in favor of risk assets and pushing Bitcoin to attempt a break above $100,000 again. Additionally, the US government holds approximately $18.5 billion worth of Bitcoin, and its selling activity would also have a significant impact on the market. Overall, the future trajectory of Bitcoin will depend on the employment data, Fed policy, and government actions.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Buyers on dips have been supporting Bitcoin prices, but key US jobs data could impact the market.
Stronger-than-expected jobs data could exacerbate concerns about the Fed being hawkish, further pushing up real yields, which would be negative for risk assets.
If the jobs data is weak, it could trigger 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.