Bitcoin Eyes $100,000 Mark Amidst Moderate Volatility
Whales Accumulate Bitcoin
According to a daily market observation by QCP on January 6, the cryptocurrency market has started the week on a positive note, with Bitcoin (BTC) once again approaching the $100,000 mark. However, this key level has historically seen significant selling pressure, as witnessed in December.
Can Bitcoin Break Through the $100,000 Barrier?
The first break above this level occurred on December 5, accompanied by a spike in funding charges. This time around, funding fees remain healthy, and a massive short squeeze is unlikely in the near future. Unlike the previous instance, similar market drivers are not expected to emerge, given the absence of Trump-related catalysts until after his inauguration on January 20.
Market Sentiment and Volatility
Front-end volatility remains moderate, with overall market sentiment leaning towards neutral. The lack of cryptocurrency-specific catalysts in the near future means that the market will focus on macroeconomic indicators, particularly the U.S. January non-farm payrolls report on Friday, January 10.
Upcoming Economic Indicators
Expectations for the non-farm payrolls report will be further confirmed this week with the release of JOLTS job openings data on January 7 and ADP employment data on January 8. These indicators will provide valuable insights into the state of the U.S. labor market and potentially influence the cryptocurrency market.
Conclusion
In conclusion, Bitcoin’s approach to the $100,000 mark is being closely watched by market participants. While moderate volatility and neutral market sentiment prevail, the lack of cryptocurrency-specific catalysts means that macroeconomic indicators will take center stage. The upcoming U.S. non-farm payrolls report and other economic indicators will be crucial in determining the direction of the cryptocurrency market in the near future.
Source: M.theblockbeats.info
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