#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. 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 inflation-adjusted bond yields and putting pressure on risk assets. On the other hand, 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. Therefore, the future direction of Bitcoin will depend on the outcome of the US non-farm payrolls report.
Ace Hot Topic Analysis
Analysis
Bitcoin has seen some dip-buying recently, with prices rebounding to near $95,000, but this rally faces a crucial test with the key US jobs report. While order books show dip buyers, Friday's non-farm payrolls report could have a significant impact on market sentiment. If the data comes in stronger than expected, it could exacerbate concerns about the Fed being hawkish, further pushing up real yields, which would put pressure on risk assets. On the other hand, if the data is weak, it could spark market expectations of Fed rate cuts and shift market sentiment in favor of risk assets. Therefore, the outcome of the jobs report will determine whether Bitcoin can continue its rally and break through the $100,000 mark. Additionally, the US government's large holdings of Bitcoin could also have an 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 key US jobs data could impact prices.
Stronger-than-expected jobs data could exacerbate concerns about the Fed's hawkish stance, further pushing up real yields, which would be negative for risk assets.
If jobs data is weak, it could spark market expectations of Fed rate cuts, turning market sentiment in favor of risk assets.
The US government holds a large amount of Bitcoin, and its selling could impact market movements.