Bitcoin's price movement today is largely influenced by a combination of economic data and market sentiment. The recent U.S. jobs report, which showed a stronger-than-expected increase in employment and a drop in the unemployment rate to 4.1%, has led to concerns about potential inflationary pressures. This has resulted in a sell-off in American equities and a rise in bond yields, signaling that the market anticipates a continued hawkish stance from the Federal Reserve. Such conditions typically exert downward pressure on riskier assets like Bitcoin. Additionally, Bitcoin's hash rate has declined, and on-chain data indicates a reduction in active addresses, suggesting that some traders are beginning to offload their holdings.
The potential sale of 69,000 Bitcoin seized from the Silk Road marketplace is another factor weighing on the market. Although the assets are not immediately up for sale, the possibility of such a large amount entering the market creates uncertainty and could lead to increased volatility. This development, coupled with significant outflows from Bitcoin ETFs, has contributed to the bearish sentiment. Altcoin Sherpa, a well-known cryptocurrency trader, has warned that a drop below the $90,000 support level could lead to further declines, potentially pushing Bitcoin's value down to around $80,000.
Bitcoin is currently trading at $94,167.23, reflecting a 0.56% decrease today. The price has fluctuated between a high of $94,713.18 and a low of $93,872.36.