Bitcoin (BTC) experienced significant price weaknesses over the weekend following the release of August nonfarm payrolls (NFP) data, which fell below analysts’ expectations.
Following the release of the NFP data, BTC saw a sharp decline of nearly 5% to trade below the $54,000 range, marking its lowest level since early August. Amid this price volatility, the crypto market liquidated $200 million in long positions. This price weakness also rubbed off on the broader crypto market, with the overall meme coin and AI sector sectors dropping 6% and 7%, respectively.
Short-Term Focus
Amidst this price weakness fueled by macroeconomic factors, analysts at Presto Research highlighted the market’s apparent undervaluation of bitcoin. The analysts Peter Chung and Min Jung believe the current market price of the pioneering cryptocurrency is “grossly undervalued,” citing one key underlying value: “network security.”
In a report on September 9, they pointed out discrepancies between the p
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