Bitcoin holds steady below $100K as markets await jobs data
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Bitcoin prices remain in a narrow range, stabilizing between $96,000 and $98,000 as investors brace for the release of US nonfarm payrolls data. After facing downward pressure earlier this week due to escalating trade tensions, the leading cryptocurrency has found temporary support, with traders eyeing key macroeconomic catalysts for the next move.
The upcoming US labor market report is expected to show a slowdown in hiring, with 154,000 new jobs projected for January compared to 256,000 in December. A significant deviation from these estimates could trigger sharp volatility in BTC/USD, as market participants reassess the Federal Reserve’s rate trajectory and broader risk appetite.
Beyond short-term macroeconomic drivers, Bitcoin’s long-term outlook is increasingly tied to regulatory developments. The Trump administration’s digital asset task force, led by venture capitalist David Sacks, is expected to outline strategic policies aimed at fostering the crypto industry’s growth. Among the most anticipated proposals is the creation of a Bitcoin strategic reserve, which, if implemented, could further entrench BTC as a financial asset with institutional backing.
For now, Bitcoin’s price action remains range-bound, with $100,000 as a psychological resistance level and $93,000 as key support. The combination of macroeconomic data and regulatory clarity in the coming weeks could determine whether BTC/USD resumes its uptrend or faces renewed downside pressure.
The upcoming US labor market report is expected to show a slowdown in hiring, with 154,000 new jobs projected for January compared to 256,000 in December. A significant deviation from these estimates could trigger sharp volatility in BTC/USD, as market participants reassess the Federal Reserve’s rate trajectory and broader risk appetite.
Beyond short-term macroeconomic drivers, Bitcoin’s long-term outlook is increasingly tied to regulatory developments. The Trump administration’s digital asset task force, led by venture capitalist David Sacks, is expected to outline strategic policies aimed at fostering the crypto industry’s growth. Among the most anticipated proposals is the creation of a Bitcoin strategic reserve, which, if implemented, could further entrench BTC as a financial asset with institutional backing.
For now, Bitcoin’s price action remains range-bound, with $100,000 as a psychological resistance level and $93,000 as key support. The combination of macroeconomic data and regulatory clarity in the coming weeks could determine whether BTC/USD resumes its uptrend or faces renewed downside pressure.