#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. Prices recently 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 and complicating the outlook for risk assets. On the other hand, if the jobs 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, 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, compared to 227,000 in November. A stronger-than-expected jobs report could exacerbate 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 jobs data is weak, it could trigger market expectations of a Fed rate cut, leading to a significant shift in market sentiment in favor of risk assets, potentially allowing Bitcoin prices to attempt to break through $100,000 again. Therefore, investors need to closely monitor the upcoming jobs data and remain vigilant.
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 would be negative for risk assets.
If jobs data is weak, it could spark market expectations of Fed rate cuts, which would be positive for risk assets, including Bitcoin.
The US government holds a large amount of Bitcoin, and its selling could impact the market.