BTC fell last week under the unexpected strong employment report, briefly dipping below $92,000. However, the selling pressure seems to have gradually subsided, and it has been trading in a narrow range around $94,500 over the weekend. It reached as high as $95,947 around 9:30 am earlier.

As of the time of writing, it is temporarily reported at $94,910, up 0.64% in the last 24 hours. Investors are now closely watching whether it can climb back up after the retracement, and analysts believe that if it can firmly stand above $95,000, it will pave the way for $100,000; however, if it fails to hold $92,000, it may trigger investor concerns and lead to further downward adjustments.

Ethereum Breaks Through $3,330

Ethereum's performance is similar to BTC, but the volatility is slightly more intense. ETH reached as high as $3,338 earlier, and is currently reported at $3,302, up 0.69% in the last 24 hours.

Glassnode: New Demand Absorbed the Selling Pressure

Although the overall cryptocurrency market is still generally in a state of panic, and investors are taking a wait-and-see attitude due to the Fed's interest rate hike expectations being disrupted, BTC has shown resilience.

Glassnode posted earlier that the proportion of BTC assets held by new investors (tokens less than 3 months old) has risen sharply, currently accounting for 49.6% of the network's liquidity, which has not yet reached the previous bull market's high, meaning that new demand has absorbed the selling pressure.

The proportion of BTC wealth held by new investors (age < 300 days) has surged, now accounting for 49.6% of the network's liquidity.

This suggests that mature investors have meaningfully allocated tokens in the uptrend, and new demand has absorbed the selling pressure.

Key Economic Data This Week

The most important data this week is the US Consumer Price Index (CPI) to be released on Wednesday. If it shows strong

1/14 (Tue)

• US: December Producer Price Index PPI (YoY), forecast 0.3%, prior 0.4%

1/15 (Wed)

• UK: December Consumer Price Index CPI (YoY), prior 2.6%
• US: December Core Consumer Price Index CPI (MoM), forecast -0.1%, prior 0.3%
• US: December Consumer Price Index CPI (MoM), forecast 0.3%, prior 0.3%
• US: December Consumer Price Index CPI (YoY), prior 2.7%
• US: Crude Oil Inventories, prior -0.959M

1/16 (Thu)

• UK: November Gross Domestic Product GDP (MoM), prior -0.1%
• Eurozone: Germany December Consumer Price Index CPI (MoM), forecast 0.4%, prior -0.2%
• US: December Core Retail Sales (MoM), forecast 0.4%, prior 0.2%
• US: Initial Jobless Claims, prior 201K
• US: January Philadelphia Fed Manufacturing Index, prior -16.4
• US: December Retail Sales (MoM), forecast 0.5%, prior 0.7%

1/17 (Fri)

• China: Q4 Gross Domestic Product GDP (YoY), forecast 5.1%, prior 4.6%
• China: December Industrial Production (YoY), forecast 5.5%, prior 5.4%
• Eurozone: December Consumer Price Index CPI (YoY), forecast 2.4%, prior 2.2%