BTC Lacking Excitement

Bitcoin prices remain tepid as we move through the middle of the week and with yesterday’s jobs data passing without provoking a directional move, BTC looks vulnerable to quiet, range-bound trading through the end of the year. Yesterday’s US jobs report showed the headline NFP beating expectations slightly, though with a heavy downward revision to the prior number, along with weak wage growth and a jump in the unemployment rate which is now back at its highest level since 2021. The reaction in BTC has been muted with some shallow buying yesterday followed by a reversal lower today. Currently, BTC is on course to end the year around 7% down having previously been as much as 33% up on the year in October.

Near-Term View

Looking ahead, it’s possible we could see some action in response to Fed’s Waller who speaks on the US economic outlook later. However, with year-end fast approaching it’s unlikely that we are going to see big volume returning to the market following the exodus of capital in recent months. Instead, traders are more likely to book year-end results in the coming week or so and reassess in the new year. As such, near-term prospects for BTC look muted beyond any big surprises from central banks this week (ECB and BOJ up next).

Technical Views

BTC

For now, BTC remains capped by the retest of the broken bull channel lows and the $94,855 level. While this area holds as resistance, a fresh test of the $80,185 level looks viable. Above $94,855 however, focus turns to the big $100k level again with bulls needing to see a breach of that level to alleviate downside risks.