February 3, 2023

Bitcoin Falls Back. But Traders Are Bullish Even as a Volatility Spike Likely Ahead.

Bitcoin

and other cryptocurrencies were slipping Friday after running up gains on Thursday. Crypto traders remain bullish after a rally over the past month, with Friday’s release of the U.S. jobs report a likely catalyst for another big swing one way or another.

The price of Bitcoin has shed 2% over the past 24 hours to $23,400, having briefly spiked to about $24,000 in early trading to change hands near its highest level in six months. Bitcoin has risen 40% so far this year as traders pile back into risk-sensitive assets like cryptos and stocks, though it remains at about one-third of its late-2021 all-time high.

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