Bitcoin Peaks at $100,110 Before Dropping Back to $98,000
The US Bureau of Labour Statistics reported January 2025 employment data, causing Bitcoin's price to briefly surge to $100,110 before falling back to around $98,000.
Key Highlights
- US job growth for January was lower than expected at 143,000, compared to a forecast of 170,000 and December's increase of 256,000.
- The unemployment rate decreased from 4.1% to 4%, indicating a resilient labor market despite high interest rates in 2024.
- The CME FedWatch Tool now shows an 8.5% probability of the Federal Reserve cutting interest rates at its next meeting, down from 15% prior to the report.
- This indicates higher interest rates are likely to persist, which may affect Bitcoin's potential for gaining liquidity in 2025.
- Despite macroeconomic challenges, Bitcoin remains within a trading range of $92,000 to $106,000.
- Concerns arise over a recent decline in Bitcoin network activity, with some analysts questioning if it is overpriced.
- Currently, Bitcoin trades at $98,015, reflecting a 1% increase in the past 24 hours.
