Read Next: Bitcoin Enjoys Bullish Moment As Weekly Gains Of 11% Push Digital Asset Beyond $30K

“The Middle Eastern war (something beyond my understanding) seems to have taken a backseat in terms of market-driving news," Magadini said. "I expect a continuation of the relief rally for risk assets. Especially given the massive drop in VIX (19% down in last 5-days trading) and VVIX (11% down in past 5-day) week-over-week and the classic end-of-year rally narrative that traders look for in Q4.”

BTC Price Action: Since Nov.3, Bitcoin prices saw a 1.8% increase while the past month's trading has led to significant gains of 25%.

A Friday QCP Market report last week highlighted the latest Bitcoin rally was mainly driven by macroeconomic factors, rather than the spot Bitcoin ETF narrative.

“This is because a smaller than expected Treasury Q1 supply estimate yesterday and dovish FOMC sent bond yields tumbling and in turn risk assets soaring,” the report added.

Also Read: Here's Why Bitcoin's Bullish Momentum Is Far From Over: The Factors Driving King Crypto's Surge

CTF Capital, as reported by The Block, said Bitcoin prices have been holding the $35,000 mark since the jobs data was released, thereby holding back the Fed from raising interest rates.

A CME FedWatch tool showed traders now have a probability of 95% that the Fed will leave rates unchanged in December. This is compared to 80% before the release of payroll data.

Photo: Shutterstock