PANews reported on December 2 that according to The Block, BRN analyst Valentin Fournier pointed out a major obstacle for Bitcoin to break through $100,000. Fournier wrote: "Despite strong market catalysts and increased investor confidence, Bitcoin is still struggling at the psychological barrier of $100,000, with obvious profit-taking, and before reaching higher levels, a huge selling barrier of more than 4,000 Bitcoins worth about $384 million must be cleared."
One of the main macroeconomic factors currently influencing Bitcoin is the broader financial market environment, especially expectations for interest rate decisions by the U.S. Federal Reserve System (Fed). Investors have recently scaled back expectations for aggressive rate cuts, with the CME FedWatch tool currently showing a 61% chance of a 25 basis point rate cut at the December 18 Federal Open Market Committee (FOMC) meeting, down from 67% last Friday. Expectations of a slower Fed rate-cutting cycle have supported the dollar's recent uptrend.
This week, investors will be keeping a close eye on key economic indicators that could further support the dollar's strength, including the November nonfarm payrolls report and speeches from Federal Reserve officials, such as Fed Chairman Jerome Powell's speech at the New York Times DealBook Summit on Wednesday. These events may provide insights into inflation trends and clues to future monetary policy, which could affect the price action of both the dollar and Bitcoin. In addition, U.S. ISM manufacturing data on Monday and PMI data on Tuesday will also be monitored for signs of economic strength.
