Bitcoin started the week on a downward note, dropping nearly 2% to around $95,000 before recovering.
BTC has been hovering between $90,000 and $98,000 for the past two weeks, struggling with persistent resistance at the psychological $100,000 level.
Valentin Fournier, an analyst at BRN, noted the significant hurdles preventing Bitcoin from surpassing this milestone. “Despite strong market catalysts and rising investor confidence, Bitcoin continues to struggle with the psychological barrier of $100,000,” Fournier wrote in an email.
“Profit taking is evident and a significant sell wall of over 4,000 Bitcoins worth approximately $384 million needs to be cleared for further highs to be reached.”
Broader macroeconomic conditions, particularly Fed rate expectations, are also weighing on Bitcoin. Recent data suggests a shift in investor sentiment around the Fed’s next moves. The CME FedWatch tool shows the probability of a 25 basis point rate cut at the Federal Open Market Committee (FOMC) meeting on Dec. 18 has dropped to 61% from 67% last Friday.
This week, investors are keeping a close eye on critical economic reports and Fed officials’ speeches that could impact Bitcoin’s price trajectory. Key events include:
November Nonfarm Payrolls Report, US Unemployment Rate
Speech by FED Chairman Jerome Powell
Two speeches by SEC Chairman Gary Gensler
You can find the date, time and other details of the developments that will take place this week in the Bitcoinsistemi.com special weekly calendar below.