Bitcoin: Bitcoin falls below $94,000 amid dollar strength and ahead of US jobs reading

Bitcoin (BTC), the world’s largest cryptocurrency, fell below the $94,000 level in early trading on Friday, hurt by rising bond yields and expectations of a strong jobs report in the United States.

During Asian trading hours, the dollar rose 0.5% against the yen, to 158.03 yen, and rose more than 1% against the British pound, which fell to a 14-month low amid a sell-off in government bonds and concerns about the UK’s financial situation. stability.

Meanwhile, the dollar index is on track for a sixth straight weekly gain, its longest since 11 weeks in 2023, as the US economy continues to look strong in contrast to weaknesses elsewhere. The index was stable in early trading on Friday, rising by 0.25% during the week at 109.18.

A strong dollar tends to put downward pressure on cryptocurrencies, as it makes digital assets more expensive for foreign investors and can lead to lower demand.At 11:00 AM EST, Bitcoin was trading at $93,698, down 0.63%, with an intraday low of $91,220.

Other major altcoins also saw declines on Friday. Ethereum down 2.6%, XRP down 3%, BNB down 1.4%, Solana down 3.3%, Dogecoin down 3.7%, Cardano down 2.2%, Tron down 2.7%, Stellar down 4.9%, Hedera down By 2.2%. Global Cryptocurrency market capitalization It decreased by 1.45%, to $3.26 trillion. “The December jobs report is scheduled to be released later today to determine market momentum,” said Idul Patel, CEO of Mudrex. BTC Bitcoin, currently trading at $93,500, is facing resistance at the $93,500 level. Edul added: “The $95,900 level while strong support is located at the previous low of $91,200.”

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“Bitcoin’s drop to $92,000 is seen as short-term noise rather than a structural shift, and is unlikely to result in a significant bearish signal,” said Avinash Shekhar, co-founder and CEO of Pi42.

“Altcoins followed Bitcoin’s trend, with Solana falling 4%, while XRP, BNB, Cardano and Tron recorded declines of 1-3%. Ethereum saw a significant pullback, and is now testing the key support at $3,250. Vikram Suburaj, CEO of Giottus, said: “With the US jobs report released today, stronger than expected numbers could increase market volatility, further contributing to cautious sentiment.”

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The volume of all stablecoins now stands at $139/47 billion, representing 91.84% of the total 24-hour cryptocurrency market volume, according to data available on CoinMarketCap.

In the past 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, fell to $1.856 trillion. Bitcoin dominance currently stands at 56.8%, according to CoinMarketCap. Bitcoin volume in the past 24 hours fell by 5.5% to $60.67 billion.

(With inputs from agencies)

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