According to TechFlow, QCP released a market analysis on January 6th, Bitcoin had a positive start this week, with prices approaching the $100,000 mark again, but may face huge selling pressure, a level that had seen a large sell-off in December. The first time Bitcoin broke through this key level was on December 5, when funding fees soared.
However, funding costs remain healthy this time around and we do not expect a massive short squeeze in the near term. Unlike before, similar market drivers are unlikely to emerge at this time, given that the Trump catalyst may not occur until after his inauguration on January 20. Front-end volatility remains muted and overall market sentiment is neutral.
Due to the lack of specific catalysts for cryptocurrencies recently, the market will focus on the US January non-farm payroll report this Friday (January 10). However, expectations regarding Friday's non-farm payroll report will be further confirmed this week through the JOLTS job openings data on January 7 and the ADP employment data on January 8.
