[Analysis] "Bitcoin (BTC) Faces Selling Wall Before Surpassing $100,000... Focus on U.S. Employment Data on Friday"

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Bitcoin (BTC) is reportedly facing a large selling wall near the psychological resistance level of $100,000.

On the 6th, Singapore-based virtual asset trading firm QCP Capital analyzed through their Telegram channel, "Bitcoin has shown positive movement this week, nearing $100,000, but is still facing a massive selling wall in that range." Last month, Bitcoin also faced strong selling pressure near the $100,000 mark.

QCP Capital stated, "When Bitcoin surpassed $100,000 on the 5th of last month, the funding rate recorded 60%. This time, the funding rate remains at a healthy level, suggesting a low likelihood of a short squeeze occurring. The skew is also showing a neutral level." A short squeeze refers to a situation where investors who have shorted Bitcoin buy it to cover their short positions or to reduce losses as the price rises.

They added, "In the absence of a special catalyst for a rise in the virtual asset market, investors are focusing on the U.S. employment data to be released this Friday."

Meanwhile, the funding rate represents the degree to which the long or short ratio is skewed in futures exchanges, reflecting the sentiment of futures investors. In the perpetual futures market, a positive funding rate implies bullish sentiment, while a negative rate indicates bearish sentiment.

Additionally, skew refers to the difference in implied volatility between call and put options. A positive skew value indicates that call options are favored over put options, while a neutral or near-zero skew value suggests a balance in demand for bullish and bearish bets.