CandleFocus

Why this week 'isn't the best for Bitcoin to shine'

Author: Content Editor
Bitcoin's potential push towards $100,000 may face delays due to anticipated volatility driven by macroeconomic signals. Bitcoin is consolidating and labor market data could push it below $90,000, creating new entry opportunities. Strong labor market data may raise inflation concerns and reduce the appeal of risky assets like Bitcoin, while weaker data could boost risk assets. Historical data suggests Bitcoin often dips at the start of each month but rebound strongly. Despite a bearish sentiment, December could signal the beginning of a parabolic move for Bitcoin. Bitcoin is striving to hold the $95,000 support level to reach the $100,000 target. Bitcoin remains well-positioned for an upside move, but caution is needed as the market may be nearing overbought conditions. Bitcoin was trading at $95,730 with daily and weekly losses of 1.5% and 1.9% respectively.

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