Bitcoin Approaches the $100,000 Threshold, Future Direction Draws Attention
Recently, the cryptocurrency market has shown mixed movements. Over the weekend, aside from AI Agents surging and the market significantly rising, most cryptocurrencies have shown a narrow consolidation trend. Bitcoin has been hovering between $97,000 and $99,000, while Ethereum has been oscillating between $3,500 and $3,700. Although both show similar trends, Ethereum seems to have more momentum, closing at $3,648 at the time of writing, still 'gathering strength' in the consolidation range.
It is worth noting that Bitcoin's market share has stopped declining and is recovering, highlighting the overall weakness of altcoins. With small market fluctuations over the weekend and the return of European and American investors, as long as Bitcoin holds the previous low of $97,200 from last night, there is great hope for it to hit the $100,000 mark in the short term, with its current price reaching $99,400, sprinting towards the target.
Looking ahead, the outlook for the beginning of this year is optimistic, with predictions suggesting that Bitcoin may break and stabilize above $100,000 before Trump takes office. However, the FOMC meeting on January 29 may cast a 'cloud' over the market, possibly leading to a pullback before the meeting.
This week's financial focus is on the December FOMC meeting minutes and the non-farm employment report on Friday. Although the dot plot from the December meeting appears hawkish, the minutes could reveal FOMC officials' views on the economy and inflation, providing insights into economic slowdown and inflation risks. Meanwhile, economists estimate that the U.S. added 154,000 non-farm jobs in December, a slowdown from the previous value, with the unemployment rate holding steady at 4.2%.
From January 2024 to mid-November, Bitcoin's market cap share jumped from 50% to 60%, while altcoins face pressure. The dynamics of the cryptocurrency market remain unpredictable, and whether Bitcoin can stabilize at the $100,000 threshold remains to be seen.
