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A positive start to the week as BTC managed to inch closer towards the 100k mark, staring down the hefty sell wall yet again. This is the level which saw increased selling pressure in December.

So will BTC break 100k again? The first time this key level was broken, on 5-Dec, funding skyrocketed above 60%. However funding levels remain healthy this time round and we do not anticipate a squeeze higher in the near-term. Unlike previously, it’s also quite unlikely we get any Trump-related catalysts till after his 20-Jan inauguration. Frontend vols have also remained soft with a relatively neutral skew which indicate a similar sentiment.

With no crypto-specific catalysts on the horizon, focus will be on the first US jobs report of the year this Friday (10-Jan). However expectations for Fridays NFP will be firmed up through the week with the release of JOLTS job opening numbers and ADP on 7-Jan and 8-Jan respectively.

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