Bitcoin's price has remained relatively stable, hovering near its recent highs as investors await upcoming U.S. labor market data. Analysts suggest that the unemployment rate will play a crucial role in determining Bitcoin's next move, with potential for a rally if the rate stays within expected ranges. The stablecoin market's growth, surpassing a $200 billion market cap, is seen as a positive indicator for the broader crypto market, providing liquidity that could support Bitcoin's price increases. Additionally, the rise in Bitcoin's open interest points to leverage-driven recovery, which could introduce volatility.
The ProShares UltraShort Bitcoin ETF (SBIT) experienced a slight increase, rising 0.33% to $8.99 as of 7:40 AM on Friday, January 31.