#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 real yields, 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 and the direction of Fed policy.
Ace Hot Topic Analysis
Analysis
The Bitcoin market has seen some stabilization, 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 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 situation for risk assets. On the other hand, if the employment 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 direction of Bitcoin prices will largely depend on the outcome of the jobs report. It is worth noting that the US government holds approximately $18.5 billion worth of Bitcoin, and its selling activities could also have a significant 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 the key jobs report could impact price action.
A stronger-than-expected jobs report could exacerbate concerns about the Fed being hawkish, further pushing up real yields, which would be negative for risk assets.
A weaker-than-expected jobs report 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 market movements.