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Sharp" at $88K as S&P 500 Repeats COVID-19 Crash

Bitcoin joins US stocks in what analysts call a "bearish overreaction" to jobs data amid concerns about future Bitcoin price declines.

Bitcoin settled below $95,000 on January 11 after an eventful day that resulted in a "bearish overreaction".

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Bitcoin and stocks point to 'overreaction' to US jobs data

Data from Cointelegraph Markets Pro and

US jobs data initially sent BTC/USD towards 92,000 The dollar was up 0.1% before a surprise recovery saw an hourly candle of $2,000 and new local highs. The subsequent consolidation brought Bitcoin’s price action back into a familiar short-term range.

As Cointelegraph reported, risk assets broadly suffered as markets discounted the prospect of more than one rate cut by the US Federal Reserve in 2025. The S&P 500 and Nasdaq Composite ended January 10 down around 1.5%.

However, following the reaction, some market watchers suggested that the dust may be settling in favor of bulls.