#Buy Bitcoin on dips#
Hot Topic Overview
Overview
The Bitcoin market is currently showing some stability, with prices rebounding to near $95,000 as order books show buyers stepping in at lower levels. 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. A stronger-than-expected jobs report could exacerbate concerns about the Fed's hawkish stance, further pushing up real yields, making the situation for risk assets more complex. 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.
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, and stronger-than-expected employment data could exacerbate concerns about the Fed's hawkish stance, further pushing up inflation-adjusted bond yields, putting pressure on risk assets. On the other hand, if the employment data is weak, it could trigger market expectations of a Fed rate cut and shift market sentiment significantly in favor of risk assets, potentially allowing Bitcoin prices to attempt to break through $100,000 again. It is important to note that the US government holds approximately $18.5 billion in Bitcoin, and its selling activity could have a significant 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 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 would be negative for risk assets, including Bitcoin.
Weak jobs data 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 have a significant impact on the market.