Traders are pulling back from Bitcoin due to economic instability, a postponed jobs report, and a struggling housing market. Professional traders are incurring high costs to hedge against potential Bitcoin price declines, while in China, stablecoins are being sold at a discount as traders exit the crypto market. Bitcoin experienced a $2,650 drop after failing to surpass $92,250, coinciding with a downturn in the US stock market amid job market concerns and inflated AI valuations. The upcoming US Federal Reserve monetary policy decision is crucial, with a quick recovery to $100,000 hinging on risk sentiment. The Bitcoin futures premium has remained below the neutral threshold for two weeks, reflecting weak bullish demand. Additionally, delayed US employment and inflation data due to a recent funding shutdown has clouded economic visibility. The housing market is also under pressure, with a significant number of purchase agreements canceled. Overall, the bearish outlook for Bitcoin is reinforced by weak demand and market conditions. Read more AI-generated news on: https://app.chaingpt.org/news

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