🚨📉 Bitcoin: Undervalued Despite Market Turbulence? What’s Next? 📉🚨

Bitcoin (BTC) has been relatively stable recently, trading between $54,000 and $55,000 over the weekend. This stability comes after a significant liquidation of crypto long positions, triggered by a weaker-than-expected U.S. jobs report that highlighted a struggling labor market.

Upcoming Week Highlights:

Economic Indicators: This week will feature key U.S. economic figures, including the Consumer Price Index (CPI) and Producer Price Index (PPI), which are crucial for gauging inflation and consumer prices.Presidential Debate: The highly anticipated debate between Republican candidate Donald Trump and Democrat Kamala Harris could influence market sentiment. Trump’s vision of making the U.S. a “crypto capital” and Harris's potential policies for the industry are under scrutiny.

Current Market Insights:

Bitcoin Valuation: Despite recent fluctuations, analysts at Presto Research believe Bitcoin is “grossly undervalued.” They point to Bitcoin’s record-high network security, with the hashrate reaching an all-time high of 679 EH/s, as a fundamental strength that is often overlooked.Miner Activity: Bitcoin miners are expanding their operations, reflecting confidence in the asset despite macroeconomic uncertainties. Historically, high hashrates have indicated price bottoms, suggesting a potential upward trend.

Market Movements:

Major Tokens: While Bitcoin has remained steady, other major tokens like Ethereum (ETH), Solana (SOL), and Ripple (XRP) have shown minor gains. However, mid-cap tokens like NEIRO and BTT have surged, with NEIRO jumping 25%.Market Sentiment: Lower-than-expected U.S. payroll figures have impacted market sentiment, contributing to volatility. Analysts anticipate that this volatility will continue until the next Federal Reserve meeting.

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