Labor Data Week Could Delay Bitcoin Push to $100K

Bitcoin faces potential volatility this week due to labor market data, with experts suggesting a price drop to $85,000–$88,000 may create new buying opportunities.

Bitcoin Journey to $100,000 Hits Another Roadblock

Bitcoin (BTC) enthusiasts eagerly anticipating a move past the $100,000 mark may need to exercise patience as macroeconomic factors, including labor market data, threaten to stir volatility in the coming week.

Renowned cryptocurrency analyst Michaël van de Poppe warned in a December 2 post on X that Bitcoin might dip below $90,000 due to upcoming labor data releases. Poppe views this potential correction as an opportunity for accumulation, with ideal entry points at $85,000–$88,000.

Macroeconomic Pressures on Bitcoin

The U.S. labor market data, set for release this week, is expected to influence Bitcoin’s trajectory significantly.

• Strong data could signal economic resilience but might raise concerns about inflation, leading to a potential hike in interest rates. This scenario tends to reduce the attractiveness of high-risk assets like Bitcoin.
• Weak data could ease inflation fears, potentially boosting risk assets and encouraging Bitcoin’s upward movement.

Notably, after October’s jobs report revealed just 12,000 new positions added—well below expectations—analysts forecast stronger numbers for November.

Historical trends also indicate Bitcoin’s propensity to dip at the start of the month before rebounding. December appears to follow this pattern, with Bitcoin trading near $95,000 after briefly flirting with the $100,000 mark.

Optimism for a Parabolic Run

Despite short-term bearish sentiment, some analysts predict December could ignite a historic bull run for Bitcoin, echoing rallies seen in 2016 and 2020.

Factors fueling this optimism include:

1. Pro-Bitcoin Policies in the U.S., potentially fostering a favorable regulatory environment.
2. Anticipated Federal Reserve Rate Cuts to stimulate economic activity.
3. Potential Reversal of China’s Crypto Ban, reopening a massive market.
4. FTX Payout scheduled for early 2025, which may inject liquidity into the crypto ecosystem.

DeFi researcher CryptoNobler speculates these catalysts could lead to Bitcoin’s most significant bull run yet.

Bitcoin Price Analysis

At the time of writing, Bitcoin is trading at $95,730, reflecting daily and weekly losses of 1.5% and 1.9%, respectively.

Technically, Bitcoin remains above its 50-day and 200-day Simple Moving Averages (SMA), supporting a bullish outlook. However, caution is advised, as the Relative Strength Index (RSI) of 67 and the Fear & Greed Index of 80 (Extreme Greed) indicate overbought conditions that could precede a correction.

Investor Sentiment: Opportunity or Risk?

While figures like Robert Kiyosaki caution about a possible drop to $60,000—viewed as an accumulation opportunity—others remain optimistic about Bitcoin holding above $95,000 and pushing toward new highs.

The crypto market eagerly awaits this week’s labor report, which may shape Bitcoin’s path in the final stretch of 2024.

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