Tuan Lee
@mcj1m
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Today, the price of Bitcoin has decreased due to several significant economic and technical factors:
1. Strong U.S. Employment Data: The latest employment report shows that nonfarm payrolls increased by 272,000 in the past month, surpassing economists' predictions. This has led to a rise in U.S. Treasury bond yields, prompting investors to shift towards safer assets rather than riskier ones like Bitcoin
2. Rising Bond Yields: Higher Treasury bond yields imply increased borrowing costs, reducing the appeal of riskier assets such as Bitcoin. This growth in yields also strengthens the U.S. dollar, diminishing Bitcoin's purchasing power
3. Sell-off by Bitcoin "Whales": Large investors, often referred to as "whales," have sold off some of their Bitcoin holdings. Over the past 48 hours, the amount of Bitcoin held by addresses with at least 100,000 BTC has slightly decreased, adding selling pressure to Bitcoin's price 0 reply
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