Bitcoin’s price has dipped sharply, testing the $85,000 support level amidst significant market volatility. ð” Over $169 million in Bitcoin long positions were liquidated, contributing to a total of $653.4 million in crypto liquidations across the broader market. This downturn comes ahead of the crucial US jobs data release, which will offer insights into the labor market’s strength and potentially influence the Federal Reserve’s future interest rate decisions. ð” Historically, crypto markets react to Fed rate cut expectations, with current caution stemming from hints of only one cut by 2026. Institutional investors are also showing reduced demand, with US spot Bitcoin ETFs recording $158.8 million in net outflows in December. ð’¼ Some market commentators, like Tracer, even suggest a
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