Bumpy Ride Likely for Bitcoin After Strong US Jobs Report, But On-chain Metrics Still Screaming Bull Market

Friday was a choppy, indecisive day in the Bitcoin market, with prices swinging between losses and gains of about 1.0% each way as traders digested the latest much stronger-than-expected US labor market report for last month. According to the latest figures from the US Bureau of Labor Statistics, the US economy added a whopping 517,000 jobs last month, way above the expected job gain of 190,000, while December's figure also saw a 30,000 upwards revision to 260,000.

Timeline of Bitcoin

Glassnode data analyzed by CryptoSlate analysts suggests that rising Bitcoin (BTC) price also increases miner profitability and revenue, which have been historical pointers for market bottoms.

Three hundred and eighty-six years ago today, the first ever bubble – dubbed Tulip Mania – popped. Often compared with Bitcoin, Tulip Mania provided a blueprint for all future bubbles and related behaviors.

A popular cryptocurrency analyst is urging caution on altcoins amid an over 40% Bitcoin (BTC) rally year-to-date. Pseudonymous crypto analyst Kaleo tells his 561,500 Twitter followers to be “careful” with altcoins, using the example of the Ethereum(ETH)/Bitcoin pair which currently shows a strong downward trend.

Self-proclaimed bitcoin creator Craig Wright's lawsuit against bitcoin network developers to try to recover billions of dollars can continue to trial, a London court said on Friday.

There are indications that Bitcoin's [BTC] recovery remained active at press time, and that it may soon surpass the $23,000 price level. The fact that these transactions appeared to be increasing suggested that it was caused by the movement of whales.

Bitcoin has seen a significant pullback over the past few days, causing many investors to question where the next buy zone is. By using price prediction models and technical analysis, investors can get an idea of where Bitcoin might be headed in the near future. 

Taunting Charlie Munger for his criticism of cryptocurrencies, Microstrategy co-founder Michael Saylor on Friday said had the Berkshire Hathaway vice chairman spent a hundred hours studying problems plaguing countries outside the U.S., he would be more bullish on Bitcoin (CRYPTO: BTC) than Saylor himself. Saylor further said Munger's criticisms on crypto weren't totally off and there were 10,000 cryptos that were gambling.

Fresh off the t-zone of a tempestuous 2022, Bitcoin is slowly picking up the pace to touch the halfway mark on its all-time high. A reclaim in 2023 would mark the most remarkable comeback, especially among underwater holders except one — Cathie Wood.

Jack Dorsey-backed Twitter alternative Damus, which features integration with the Bitcoin Lightning Network, has been banned from the China App Store. According to Damus, they received a notification from Apple that the Cyberspace Administration of China deemed the app to contain "illegal content" because it is an "Information Services with Attribute of Public Opinions or Capable of Social Mobilization.

Key Points: According to a CoinDesk report, a lawsuit filed by Craig Wright's Tulip Trading against 16 Bitcoin inventors will be tried in London, according to the U.K. Court of Appeals. In relation to their ownership of the Bitcoin network, the claim asserts that the developers owe fiduciary responsibilities and duties of care.