Bitcoin (BTC) price by short-termism as rally fades ahead of U.S. payrolls report: Crypto Daybook Americas
Bitcoin prices are declining as short-term traders take profits amid geopolitical tensions and anticipation of the U.S. jobs report.Summary
Bitcoin (BTC) has fallen about 3.7% to just above $70,000 as momentum from a mid-week rally to $74,000 fades. Analysts attribute the decline to selling pressure from short-term traders taking profits, despite underlying institutional accumulation evidenced by positive spot Bitcoin ETF flows and stablecoin movements into exchanges. This conflict between spot accumulation and negative funding rates in derivatives markets suggests potential for a short squeeze, though it is not guaranteed. Compounding market uncertainty is escalating geopolitical risk, with oil prices surging due to disruptions in the Strait of Hormuz, which is fueling inflation concerns and impacting interest rate expectations ahead of the crucial U.S. nonfarm payrolls report later today.
(Source：CoinDesk)