[Analysis] "Bitcoin (BTC) Stalls Ahead of Non-Farm Payroll Release Today... Struggles with $100,000 Resistance"
Summary
- Bitcoin (BTC) is reportedly struggling to break through the psychological resistance level of $100,000 ahead of the non-farm payroll data release.
- Depending on the non-farm payroll data results, the preference for risk assets may change, with a lower figure increasing preference.
- CryptoQuant evaluated Bitcoin's fair value to be between $48,000 and $95,000, suggesting the current price may be overvalued.
Bitcoin (BTC) is showing signs of stagnation with trading volume slowing down ahead of the U.S. non-farm payroll data release today.
On the 7th, cryptocurrency media outlet CoinDesk reported, "There is keen interest in whether Bitcoin can surpass $100,000 following today's non-farm payroll data release." The U.S. non-farm payroll data is scheduled to be released at 10:30 PM (KST) today.
The media stated, "If the figures released today are lower than market expectations, the preference for risk assets like Bitcoin may increase," but also noted, "If employment growth exceeds expectations, investor sentiment may shrink."
Meanwhile, Bitcoin is struggling to break through the psychological resistance level of $100,000, and there are concerns in the market that the price may be overvalued. According to the media, cryptocurrency analysis platform CryptoQuant assessed Bitcoin's fair value to be between $48,000 and $95,000, suggesting that the current price might be somewhat overvalued.
As of 5:47 PM today, Bitcoin is trading at $97,128 on the Binance USDT market, down 0.99% from the previous day.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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