Zach Pandl, head of research at Grayscale, said the price outlook remained "structurally bullish" despite temporary headwinds in macroeconomic data. On January 10, the US jobs report was positive. The dollar rose and the spot price of BTC fell below $93,000 on expectations of a slower pace of interest rate cuts. Pandl said: "Bitcoin appears to be subdued by the strength of the dollar, which is rising due to the more hawkish policy adopted by the Federal Reserve as well as the threat of tariffs. Today's strong jobs report reduces the likelihood of a rate cut by the Federal Reserve, further supporting the dollar and may temporarily put pressure on bitcoin prices. However, with the US presidential inauguration just around the corner, this setback may be short-lived." Zach Pandl added that he still sees "the outlook for cryptocurrency valuations as structurally bullish".