QCP: Bitcoin Faces 'Huge' Selling Pressure at $100,000 Mark
BlockBeats News - On January 6, QCP published its daily market watch, stating that the week got off to a positive start with Bitcoin (BTC) once again approaching the $100,000 mark and once again facing significant selling pressure. This level had seen a large sell-off back in December.
So, can Bitcoin break above the $100,000 mark? The first time this key level was breached was on Dec. 5, when funding fees spiked. However, this time around, funding fees remain at a healthy level and we don't expect to see a major push in the near term. Unlike before, a similar market driver is unlikely at this time, given that Trump-related catalysts may not occur until after his January 20 inauguration. Front-end volatility remains relatively mild and overall market sentiment is neutral.
With no cryptocurrency-specific catalysts in the near future, the market will focus on the U.S. January nonfarm payrolls report this Friday, January 10th. However, expectations for Friday's NFP report will be further confirmed during the week with the January 7th JOLTS job openings data and the January 8th ADP employment data.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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