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Bitcoin (BTC) reached $100,000 once again on Monday following Congress’ official certification of President-elect Donald Trump’s 2024 victory ahead of his Jan. 20 inauguration.
Bitcoin reached over $102,000 on Jan. 6, regaining a six-figure price never seen before December. On the same day, Congress certified the election results for all the 50 United States member states and the District of Columbia during a joint session of the House and Senate led by Vice President of the Senate Kamal Harris.
The details
Bitcoin had increased its price by about 10% compared to the previous week. Still, at the time of writing the world’s first cryptocurrency has fallen back down to just about $98,250.
Bitcoin’s price increased 3.85% over the last seven days but also lost 3.7% over the last 24 hours. The fall happened as the market reacted to United States Job Openings and Labor Turnover Survey (JOLTS) data revealing a hiring surge and a boost to the labor market. Popular trader and YouTube channel host Matt Cowart wrote in an X post:
“Market catalyzed lower on JOLTS rising, however without initial jobless claims going up a rising JOLTS means one thing — JOB CREATION. Excited to let the market fall today and back into longs tomorrow.”
Keith Alan, co-founder of trading resource Material Indicators, attributed recent Bitcoin volatility to large holders. He wrote in an X post:
“Spoofs are annoying, but they do tend to facilitate some predictable price action for Bitcoin.”
Spoofs are annoying, but they do tend to facilitate some predictable price action for Bitcoin. pic.twitter.com/dsOZv635pU
— Material Indicators (@MI_Algos) January 7, 2025
Spoofing, in this context, refers to the deliberate shifting of liquidity on order books by entities with large amounts of capital. It is an illegal form of market manipulation.
The Crypto Fear & Greed Index, a multifactorial measure of crypto market sentiment, currently indicates a level described as “extreme greed.” The index stands at 78, indicating that the crypto market is now overrun by greed. With such scores, the instrument warns of a possible imminent correction:
“When Investors are getting too greedy, that means the market is due for a correction.”
