Bitcoin's price movement today has been influenced by a mix of market dynamics and external factors. The cryptocurrency is experiencing a slight decline as it grapples with bearish signals, including a drop in hash rate and the formation of a bearish divergence pattern. The recent U.S. job report, which showed stronger-than-expected employment figures, has led to concerns about the Federal Reserve's slower-than-anticipated interest rate cuts, impacting speculative assets like Bitcoin. "There are very real concerns over the Federal Reserve’s slower-than-anticipated interest rate cuts and this might be weighing on speculative assets like bitcoin," said James Toledano, chief operating officer at Unity Wallet.
Additionally, the market is reacting to potential policy shifts with the upcoming inauguration of U.S. president-elect Donald Trump, who has a pro-crypto stance. This has led to profit-taking after Bitcoin's strong rally in 2024, as investors await further clarity on Trump's policy rollout. The anticipation of Trump's inauguration on January 20 is creating a cautious atmosphere, with investors holding their breath for potential market surges post-inauguration.
Bitcoin's price has seen a minor decrease of 0.10% today, currently standing at $94,474.09. It reached a high of $95,226.84 and a low of $93,743.23 during the day.