Bitcoin price fell closer to $56,000, leading traders to question whether the bull market is coming to an end. US job market data could hold the answer.
The price of Bitcoin (BTC) dropped 5.5% from Sept. 3 to Sept. 5, reaching a low of $55,860. This decline from $59,090 led to a modest $58 million in liquidated leveraged long futures, suggesting that bulls were not caught off guard. Despite this price weakness, Bitcoin derivatives signal resilience, indicating that traders are neither using excessive leverage nor displaying overconfidence.
Some analysts argue that Bitcoin’s 2024 bull run has officially ended, citing the $73,757 all-time high that occurred almost six months ago. On the other hand, some traders view the 30% pullback during this period as typical market behavior.
Regardless of market sentiment, historical BTC price rallies following previous halving cycles typically took five to six months to materialize. Additionally, uncertainty surrounding the upcoming US presidential election and shifts in US central bank monetary policy add to the current market volatility.
