Bitcoin Surges to Nearly $95K Amid Bargain Hunting Before Jobs Report
The crypto market is stabilizing, with BTC approaching $95K, supported by order books indicating bargain hunting. Key points include:
- BTC tested the support zone of $90K-$93K, which has held firm since November.
- The upcoming U.S. nonfarm payrolls report may influence market sentiment, with expectations of a job addition of 164,000 for December.
- A stronger jobs report could heighten fears of hawkish Fed policies, impacting inflation-adjusted bond yields.
- BTC funding rates turned negative, reflecting bearish sentiment despite being 15% below its all-time high.
- If payroll figures fall short, BTC may attempt to reach $100K, depending on government Bitcoin sales.
Upcoming Events
No major crypto events are scheduled today. Notable events include:
- Jan. 12: Binance halts Fantom token deposits and withdrawals.
- Jan. 13: Solayer "Season 1" airdrop snapshot.
- Jan. 15: Derive (DRV) token generation event.
- Jan. 15: Mintlayer version 1.0.0 release for atomic swaps.
- Jan. 16: Trading starts for Sonic token on Binance.
Market Movements
Current prices are:
- BTC up 3.06% at $94,967.46.
- ETH up 3.46% at $3,306.56.
- CoinDesk 20 unchanged at 3,375.16.
Technical Analysis
BTC is testing the head-and-shoulders neckline support at $95K. A move above $102,750 indicates bullish momentum; failure to do so may shift focus to deeper support around $75K.
Derivatives Positioning
Perpetual futures open interest increased for HYPE, LTC, SHIB, SUI, and TON. XLM saw a drop in positions.
Crypto Equities
Recent closes include:
- MicroStrategy (MSTR): $331.7, down 2.85%.
- Coinbase Global (COIN): $260.01, down 1.63%.
- Galaxy Digital Holdings (GLXY): C$26.85, down 2.79%.
ETF Flows
Spot BTC ETF flows show:
- Daily net flow: $676 million.
- Cumulative net flows: $31.70 billion.
Bitcoin Stats
Key metrics include:
- BTC Dominance: 58.02.
- Hashrate: 772 EH/s.