According to Wu, QCP analysis pointed out that Bitcoin fell back to the $95,000 support level after stronger-than-expected U.S. employment data. JOLTS job openings surged to 8.1 million, far exceeding the expected 7.74 million. The unexpectedly strong job market triggered risk aversion, and long-term bond yields soared, leading to a sell-off in risky assets. This week, the market focus is on the Federal Reserve FOMC meeting and the release of non-farm payrolls (NFP).
QCP believes that Bitcoin’s pullback is a temporary pause in the upward trend, paving the way for market optimism brought about by the subsequent Trump inauguration.
