Bitfinex indicates that Bitcoin is holding steady around $100K, and there are early signs pointing to a stabilization within the cryptocurrency market.

Bitfinex For the very first time, Bitcoin reached an unprecedented all-time high of $104,000, marking an impressive rise of 111% from its lows of under $50,000 recorded during the summer. Nevertheless, this surge was succeeded by a sharp correction of 14.84%, including a rapid 10% decline within just eight minutes—the largest drop since the sell-off prior to the elections. This correction led to liquidations exceeding $1.1 billion, with $419 million attributed to long positions, underscoring the intense leverage in the current market. surpassing $100,000 Despite the aforementioned volatility, there are emerging indicators of stabilization in the market. The Realized Profit measure, which previously hit $10.5 billion daily, has now dropped to $2.5 billion, easing the pressures from selling. Additionally, funding rates for futures have normalized, suggesting a decrease in speculative leverage. Even though inflows into exchange-traded funds (ETFs) slowed slightly as the week came to a close, these funds continue to play a crucial role in supporting the market amidst ongoing profit-taking by long-term investors. Bitcoin Looking ahead, the medium-term outlook remains optimistic. With funding rates stabilizing and sell-side pressures abating, further upward movement seems likely, provided that ETF inflows keep coming in.

Despite mixed economic signals, the recent data from the US economy reveals a surprising resilience. In November, the job market rebounded impressively, with 227,000 new jobs added, surpassing expectations despite setbacks from hurricanes in October. However, there was a slight rise in unemployment to 4.2%, hinting at ongoing adjustments in the workforce. Job openings swelled to 7.74 million in October, showcasing sustained demand for workers, although the pace of hiring has slowed, which might indicate a cautious approach from employers given the prevailing economic uncertainty.

As Bitcoin consolidates above $100,000 At the same time, the service sector marked its 51st consecutive month of growth in November, albeit at a more measured rate, as reflected by a PMI of 52.1, spurred by robust consumer spending and rising wages. While inflation continues to pose challenges, the easing of supply chain issues and optimistic projections for the year-end provide a stable outlook.

Bitfinex points out that as the Federal Reserve contemplates possible policy adjustments with a new administration on the horizon, a robust labor market coupled with steady consumer demand continues to support the economy. However, the uneven recovery across different sectors invites a cautious sense of optimism as we move forward.

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Alisa is a passionate journalist at the Cryptocurrencylistings, focusing on cryptocurrency, zero-knowledge proofs, investments, and the expansive world of Web3. With a sharp eye for emerging trends and technologies, she offers in-depth coverage that keeps readers informed and engaged in the ever-evolving landscape of digital finance.

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