#Buy Bitcoin on dips#
Hot Topic Overview
Overview
The Bitcoin market is currently showing some stability, with prices rebounding to near $95,000, supported by bargain hunters. However, the upcoming US non-farm payrolls report due out on Friday will test this rebound. The report is expected to show job gains, but a stronger-than-expected result could exacerbate concerns about the Fed's hawkish stance, further pushing up bond yields and putting pressure on risk assets. On the other hand, weak employment data could trigger market expectations of a Fed rate cut, which would be positive for risk assets. Therefore, the direction of Bitcoin prices will depend on the outcome of the employment report and the trajectory of Fed policy.
Ace Hot Topic Analysis
Analysis
Bitcoin dip buyers are propping up the market, but face a key test with the US jobs report. While Bitcoin recently dipped to $93,000, dip buyers helped it rebound to near $95,000. Friday's US nonfarm payrolls report will be a key test, with expectations for 164,000 jobs added in December. A stronger-than-expected jobs report could exacerbate concerns about the Fed being hawkish, further pushing up real yields and putting pressure on risk assets. On the other hand, if the data is weak, it could spark market expectations for Fed rate cuts and shift market sentiment in favor of risk assets. As such, the outcome of the jobs report will have a significant impact on Bitcoin prices. Additionally, the US government holds approximately $18.5 billion worth of Bitcoin, and its selling activity could also impact the market.
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.