Bitcoin's price has been under pressure today, primarily due to a combination of macroeconomic factors and market sentiment. The stronger-than-expected U.S. jobs data released last Friday has led to a reassessment of Federal Reserve rate cut expectations, with major investment banks like Goldman Sachs and Bank of America adjusting their forecasts. This has resulted in a spike in bond yields and a stronger dollar, which typically weigh on risk assets like Bitcoin. "The start of the new year has not been easy for the crypto market," noted Alex Kuptsikevich, chief market analyst at FxPro, highlighting the challenges faced by cryptocurrencies amid these macroeconomic shifts.
Additionally, the anticipation of potential U.S. government sales of Silkroad Bitcoin and concerns over upcoming inflation data have further contributed to the bearish sentiment. The market is also reacting to the broader risk-off environment, with significant liquidations occurring as Bitcoin dipped below key support levels. This has led to a cascade of sell-offs across the crypto market, with altcoins experiencing even steeper declines.
Bitcoin's price has fallen by 2.20% today, currently trading at $92,411.98, after reaching a high of $95,761.76 and a low of $89,941.06.