#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 and successfully prevented at least six declines. However, the upcoming US non-farm payrolls report will test this rebound. The report is expected to show an increase of 164,000 jobs in December. Stronger-than-expected employment data could exacerbate concerns about the Fed's hawkish stance, further pushing up inflation-adjusted bond yields, putting pressure on 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 future direction of Bitcoin will depend on the outcome of the employment report and the Fed's policy stance.
Ace Hot Topic Analysis
Analysis
Bitcoin has seen a recent dip-buying phenomenon, with prices rebounding to nearly $95,000. This phenomenon is primarily driven by the presence of dip buyers evident in the order book, who have successfully prevented Bitcoin's price from falling further after six dips since the second half of November. However, the upcoming US Nonfarm Payrolls report will test this rebound. The report is expected to show an addition of 164,000 jobs in December. A stronger-than-expected jobs report could intensify concerns about the Fed's hawkish stance, further pushing up inflation-adjusted bond yields, thereby 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 in favor of risk assets and pushing Bitcoin prices to attempt a break above $100,000 again. Therefore, the future trajectory of Bitcoin prices will depend on the outcome of the US Nonfarm Payrolls report and the direction of Fed policy.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin buyers on dips played a supporting role in the recent market volatility, helping prices rebound to near $95,000.
The upcoming US non-farm payrolls report will have a significant impact on the price of Bitcoin. Stronger-than-expected employment data could intensify concerns about the Fed's hawkish stance, pushing bond yields higher and hurting risk assets, including Bitcoin.
If the employment data is weak, it could trigger market expectations of a Fed rate cut, which would be beneficial for risk assets, and Bitcoin could attempt to break through $100,000 again.
The US government holds a large amount of Bitcoin, and its selling activity could have a significant impact on the market.