TechFlow, on January 6, QCP released a market analysis stating that Bitcoin had a positive start to the week, with prices approaching the $100,000 level again. However, it may face significant selling pressure, as this level saw heavy selling in December. The first time Bitcoin broke through this key level was on December 5, when funding rates surged.
This time, however, funding rates remain at healthy levels, and we do not expect a large-scale short squeeze in the near term. Unlike before, similar market catalysts are unlikely right now, as potential Trump-related catalysts may not materialize until after his inauguration on January 20. Front-end volatility remains relatively mild, and overall market sentiment leans neutral.
With no major crypto-specific catalysts recently, markets will focus on Friday's (January 10) U.S. nonfarm payrolls report for January. Nevertheless, expectations around Friday’s employment data will be further shaped during the week by the JOLTS job openings data on January 7 and the ADP employment data on January 8.
