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Crypto: Bitcoin hovers above $20,000 ahead of jobs report

Yahoo Finance's David Hollerith breaks down how bitcoin is trading and the short-term outlook for cryptocurrencies.

Video transcript

- All right. We've got to talk crypto now, with Bitcoin hovering around $20,000, as I think it has done for half the year. We're going to bring in Yahoo Finance's David Hollerith, who's going to talk to us about cryptocurrency space. And David, what is the latest here. Because we've seen Bitcoin not, well, it's been trying to get off the dime here. But I've been saying Bitcoin $20,000 as I said before, for a pretty long time.

DAVID HOLLERITH: Yeah, Jared. The reversal, the reversal is here, and risk aversion has taken Bitcoin. It briefly went below $20,000 earlier yesterday. And now it's hovering right above 20k. This is the key psychological point. Obviously, this is a maybe a potential into the strong start in October that Bitcoin and equities have seen. I think there's a lot of expectation around the jobs report that will come out tomorrow, and the CPI print next week.

And the expectation is that Bitcoin's fundamentals from here could expect what analysts are calling a healthy consolidation from here. And that should remain the case for a while. As we see, the Fed pivot idea is not really carrying much ground. But we see a double dose of robust hiring on Friday, and a hotter than expected inflation report next week, we could see heavier consolidation.

- All right. We're going to have to leave it right there, David. But really appreciate your time here again today.