#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 could pose a challenge to this latest rebound. The report is expected to show an increase of 164,000 jobs in December, and 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, and Bitcoin could attempt to break through $100,000 again.
Ace Hot Topic Analysis
Analysis
The Bitcoin market has seen some stabilization, with prices rebounding to near $95,000, supported by bargain hunters. Previously, Bitcoin prices had 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 addition 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, thus complicating the outlook for risk assets. On the other hand, if the jobs data is weak, it could trigger market expectations of a Fed rate cut and shift market sentiment significantly in favor of risk assets. Therefore, the future direction of Bitcoin will depend on the outcome of the jobs report and the Fed's policy direction.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Buyers on dips are supporting Bitcoin prices, but key US jobs data could impact the market.
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.
Weaker-than-expected jobs data could spark market expectations of Fed rate cuts, shifting market sentiment in favor of risk assets.
The US government holds a large amount of Bitcoin, and its selling could impact the market.