Bitcoin may be gearing up for another rise as investors eye the impact of upcoming U.S. unemployment rate data. According to TechFlow, Michaël van de Poppe, founder and CIO of MN Consultancy, suggests that Bitcoin has already absorbed liquidity at its recent low point and is positioned for a potential rebound.
Key Insights from Michaël van de Poppe
Van de Poppe noted that Bitcoin’s price action reflects resilience, as the cryptocurrency rebounded after reaching liquidity-driven lows. He believes that unfavorable U.S. unemployment rate data could act as a catalyst for Bitcoin's next move higher.
“The upcoming unemployment rate figures will play a crucial role. If the data is less positive, we may see Bitcoin continuing its upward trajectory,” he stated.
Upcoming Data Release to Influence Markets
The U.S. unemployment rate for December is set to be announced on January 10, 2025, at 21:30 Eastern Time. Market participants are closely monitoring this data as it could impact broader financial markets, including Bitcoin, by influencing investor sentiment and liquidity conditions.
Market Outlook
Bitcoin’s price movements often correlate with macroeconomic indicators, and employment data is a critical factor shaping market expectations. With growing anticipation surrounding the release, investors are preparing for potential volatility and opportunities in the crypto market.
