Bitcoin (BTC) continues to stun, without capturing the enthusiasm of the operators in the middle of the talk about the prices that are overvalued, while the gold remains strong before the publication of the US job report. In Fed rates plans.
The recent analysis of Cryptoquant indicates that Bitcoin’s fair value is between $ 48,000 and $ 95,000, highlighting that it seems overvalued in its current market price, which is around $ 98,000.
The Bitcoin network activity index of the analysis firm has collapsed 15% since its peak in November to 3,760 points, the lowest level in more than a year. The recession is driven by an amazing 53% drop in daily transactions, which have fallen to 346,000 from the historical maximum of September 734,000.
Since its slide recovery on early Monday, BTC has fought to gain traction above $ 100,000. The feeling of the market has probably been suffocated, largely due to the slow progress of the Trump administration in the establishment of a proposed BTC strategic reserve.
Interestingly, Eric Trump recently encouraged BTC investments through the world of Financial Liberty, family members, however, this support failed to catalyze any significant upward movement.
On the contrary, Gold is receiving all the love, after increasing more than 9% in the year to date to reach a record of $ 2,882 per ounce, for tradingview data. With an increase of 2.32% only this week, yellow metal appears on the way to its sixth consecutive weekly gain. UBS points out that Gold’s increase underlines its “lasting attraction as a reserve of value and coverage against uncertainty”, moving away Bitcoin’s lukewarm investors.
Focus on non -agricultural payroll
On Friday, the anticipated non -agricultural payroll (PFN) report will shed light on the state of employment for January, with estimates tracked by FXSTERET that suggests a deceleration in the additions of work to 170,000 of the 256,000 December. The unemployment rate is expected to remain stable at 4.1%, with the average average earnings per hour that increases at 0.3% month by month, coinciding with the December rhythm.
A great failure about expectations could see merchants reconsider the possibility of faster Fed rates cuts, which causes a lower 10 -year treasure performance. That could stimulate the demand for more risky assets such as actions and bitcoin. In addition, the 10 -year yield could see a strong decrease, since the Trump administration focuses on reducing the same.
On the other hand, strong data, in the context of the threat of rates, would only complicate things for Fed, which could lead to risk aversion.
