Bitcoin (BTC) rallied to push above the $100,000 mark briefly but lost momentum following a mixed jobs report that showed lower levels of unemployment yet slowed job growth in the US economy. As a result, the flagship cryptocurrency fell nearly 1% over the past 24 hours and trading around the $96,200 mark. Markets have remained mixed and the crypto market cap is down 0.55% and currently sits at $3.13 trillion. Robert Kiyosaki On Why He Bought More BTC Rich Dad Poor Dad author Robert Kiyosaki discussed why he purchased Bitcoin (BTC) , along with another safe-haven asset, Gold. According to Kiyosaki, holding these assets is much safer than saving up and holding fiat currencies, including the US Dollar. “WHY I bought more Gold and Bitcoin. Answer: Owning Gold and Bitcoin is smarter and safer than saving dollars.” Followers on X countered Kiyosaki’s arguments, pointing out that other assets like Litecoin (LTC) are also worthy investments. LTC has built up a reputation of being the silver to Bitcoin’s Gold. Another user stated that Bitcoin is denominated in US dollars, something that Kiyosaki despises. Kentucky Introduces Bitcoin Reserve Bill Kentucky has become the 16th US state to introduce a Bitcoin reserve bill. The bill proposes investing 10% of state funds in digital assets with a market cap of over $750 billion. The bill states the reserve will not be restricted to BTC . However, the flagship cryptocurrency is the only digital asset that matches the requirement. Prior to Kentucky, 15 US states had begun legislative efforts to incorporate BTC in their financial strategies, citing several benefits like economic diversification, inflation hedging, and technological innovation. Alabama proposed a Bitcoin reserve to attract crypto-focused businesses and mitigate economic uncertainties. Arizona, a long-time advocate of blockchain adoption, has advanced legislation to allocate public funds towards BTC , while Florida is exploring the feasibility of a Bitcoin reserve to diversify assets and attract investments. Massachusetts and Montana have also introduced plans to include Bitcoin in their public funds, while North Dakota, New Hampshire, and Ohio are advancing similar legislation. Jobs Data Adds To Market Uncertainty The latest US jobs report from the Department was a mixed bag, revealing the addition of 143,000 jobs in January. This figure fell well short of economists’ predictions of 170,000. The unemployment rate dropped from 4.1% to 4%, signaling a mixed economic picture. BTC and other risk assets tend to react to labor market data since it can influence the Federal Reserve’s decisions on interest rates. A slowdown could increase speculation about future rate cuts, benefiting BTC and other risk assets and making them more attractive than traditional financial instruments like bonds and savings accounts. Bitcoin (BTC) Price Analysis Bitcoin (BTC) briefly surpassed $100,000 after the US Bureau of Labor Statistics released the January 2025 employment data. However, BTC lost all of its gains, quickly tumbling to its current level of $96,000 and struggling to hold on to the level. The data showed strong wage growth last month, indicating consumers are likely to continue spending. The unemployment rate also dropped from 4.1% to 4%, indicating the Federal Reserve could pause interest rate cuts in the short term. A low unemployment rate means people will spend more, increasing prices. The Federal Reserve cut interest rates thrice in 2024 after raising them to two-decade highs in 2022 to tame inflation. The Fed’s decision to lower the cost of borrowing saw Bitcoin and other cryptocurrencies surge, leading to the flagship cryptocurrency surging past $100,000 and setting a new all-time high. BTC has experienced sluggishness and an increased level of volatility over the past week thanks to several economic and geopolitical developments. The flagship cryptocurrency has traded in the red since Friday as it struggles to move past $100,000, as demonstrated in its latest price action that saw the price briefly surpass $100,000 before dropping back. BTC encountered volatility on Friday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand, and the price fell 1.85% to $102,616. Sellers retained control over the weekend, and BTC fell below the 20-day SMA, dropping to $101,041. Bearish sentiment intensified on Sunday as BTC plummeted below $100,000 and the 50-day SMA to $97,881. Source: TradingView Markets opened in the red on Monday, and BTC tanked to an intraday low of $91,274, slipping below key support levels. It recovered from this level, rebounding to reclaim $100,000 and settle at $101,579. However, its rally was short-lived as it fell 3.54% on Tuesday, slipping below $100,000 and the 50-day SMA to $97,969. Sellers retained control on Wednesday and BTC fell 1.34% to 96,668. Buyers attempted a recovery on Thursday as BTC reached an intraday high of $99,247. However, it lost momentum after reaching this level and dropped to $96,641. Friday saw BTC briefly cross $100,000, reaching an intraday high of $100,216 following the release of US jobs data. However, it quickly retreated from this level and dropped to $96,634. The current session sees BTC marginally down as it struggles to stay above $96,000. BTC has traded between $92,000 and $106,000 since the end of December, with neither the bulls nor the bears able to make a decisive move. However, BTC has shown resilience in the face of several macroeconomic challenges. It was mostly unfazed by the stock market turmoil triggered by DeepSeek, the Chinese AI model. It was also relatively unscathed by renewed trade tensions between the US and China. Buyers must prevent a move below $96,000 and reclaim $100,000 for the current bearish sentiment to change. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
