Bitcoin's price movement today has been shaped by a combination of technical signals and macroeconomic influences. The cryptocurrency is navigating a narrow trading range, with a declining hash rate and bearish divergence indicating potential downside risks. The recent U.S. jobs report, which revealed strong employment growth and a decrease in the unemployment rate, has heightened expectations of continued hawkish monetary policy from the Federal Reserve. This has exerted pressure on risky assets like Bitcoin, as rising bond yields create a less favorable environment for speculative investments. Despite these headwinds, there is a notable divide between short-term traders, who are cautious due to technical indicators, and long-term investors, who remain optimistic about Bitcoin's future prospects.
The ProShares UltraShort Bitcoin ETF (SBIT) experienced a decline, falling 1.75% to $11.21 as of 4:40 PM on Saturday, January 11.