QCP: BTC faces huge selling pressure at the $100,000 mark

ChainCatcher News, QCP released a market analysis. Bitcoin had a positive start this week, with the price once again approaching the $100,000 mark. However, it may face significant selling pressure at this level which was previously seen in December. The first time Bitcoin broke through this key level was on December 5th when funding costs soared.

However, funding costs are still at healthy levels this time and we do not expect large-scale short squeezes in the short term. Unlike before, considering that catalysts related to Trump might not appear until after his inauguration ceremony on January 20th, similar market driving factors are unlikely to occur at this time. Front-end volatility remains moderate and overall market sentiment is neutral.

As there are no specific cryptocurrency catalysts recently, the market will focus on the US non-farm employment report for January due out Friday (January 10). However, expectations for Friday's non-farm employment report will be further confirmed within this week through job vacancy data from JOLTS on January 7 and ADP employment data on January 8.