von • Bitcoin price volatility accompanies the U.S. non-farm payrolls and unemployment figures, as the U.S. dollar drops in favor of Bitcoin bulls.
• Analysts expect a test of $17,000 for BTC/USD, as order books on Binance show higher bid and ask liquidity.
• Market was ready for a hot number after yesterday’s print, shorts unwinding after a quick impulse lower.
The up-and-down nature of the cryptocurrency market was on full display on January 6th, as Bitcoin (BTC) prices reacted to the latest U.S. macro data. With the U.S. dollar dropping in favor of Bitcoin bulls, BTC/USD prices yo-yoed on the news, and analysts are calling for a retest of $17,000.
As the U.S. non-farm payrolls and unemployment figures were released, Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $16,669 on Bitstamp. Both figures came in better than expected, leading some analysts to believe that the Federal Reserve may have room to maneuver when it comes to its continued tightening of monetary policy. This may lead to some respite for Bitcoin, cryptocurrency, and the wider risk asset market in the coming weeks and months.
On-chain analytics resource Material Indicators reacted to the news on social media, writing: “Expecting a test of $17k.” An accompanying chart showed the BTC/USD order book on the largest global exchange, Binance, with higher bid and ask liquidity. Popular commentator Tedtalksmacro also commented on the news, saying that the market was “ready for a hot number after yesterday’s print, shorts unwinding after a quick impulse lower.”
Overall, the volatility of the Bitcoin market continues to be a cause for concern and speculation. As the U.S. macro data continues to be released, there is no telling what will happen to the price of BTC. Analysts are divided in their opinion of what the future holds, but it appears that the price of BTC will likely remain volatile in the short term.
