#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 $90,000-$93,000 area, 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 rebound. The report is expected to show 164,000 new jobs added in December. 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, which would be beneficial for risk assets. Therefore, the direction of Bitcoin prices will depend on the outcome of the jobs report.
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 have tested near 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 164,000 new jobs added in December. If the data is stronger than expected, it could intensify 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 data is weak, it could trigger market expectations of a Fed rate cut, which would be beneficial for risk assets. Therefore, the direction of Bitcoin prices will largely depend on the outcome of the jobs report.
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 have a major impact.
Stronger-than-expected jobs data could exacerbate concerns about the Fed's hawkish stance, further pushing up inflation-adjusted bond yields, which would be negative for risk assets.
Weaker-than-expected jobs data could trigger market expectations of Fed rate cuts, shifting market sentiment significantly in favor of risk assets.
The US government holds a large amount of Bitcoin, and its selling could have a major impact on the market.