QCP Capital: The market anticipates that Trump's inauguration will boost optimism, the current pullback may be a buildup for a bullish rebound
QCP Capital's latest analysis indicates that due to the unexpected U.S. employment data, Bitcoin has retraced to a support level of $95,000. JOLTS job vacancies surged to 8.1 million, exceeding the expected 7.74 million. The unexpectedly strong job market triggered risk-averse sentiment, and long-term bond yields rose leading to the selling off of risky assets.
Bitcoin ETF inflows plummeted from $987 million to $52.9 million, a decrease of 94%. Among them, BlackRock's IBIT recorded significant inflows of $596 million while ARK and 21Shares' ARKB saw outflows of $213 million.
QCP Capital believes that this week's FOMC meeting and non-farm payroll data will further affect Bitcoin trends. The market expects Trump's inauguration will boost optimistic sentiment; the current pullback may be building momentum for a bullish rebound.
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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