Key Takeaways:
-
Bitcoin briefly went up to $ 113,000 before upside down after a more low-than-expected US payroll data.
-
Onchain flows show $ 2 billion in stablecoin flows and record open interest near all times high.
-
A weekly near above $ 112,500 is required to confirm a long -term bottom of the market.
Bitcoin (Btc) rallied nearly 4.75% this week, rising to $ 113,384 from $ 109,250, extending its bullish momentum to US Nonfarm Payrolls (NFP) release on Friday.
The data came significantly weak than expected, with only 22,000 jobs added in August compared to forecasts of 75,000 and 73,000 prints in July. The unemployment rate was tched up to 4.3%, in accordance with expectations but higher than 4.2%of July, while wage growth slowed 3.7%year-on-year from 3.9%.
For risk assets such as Bitcoin, weaker data in the labor market strengthens the case for reductions in federal reserve rates. With fed cut odds to 88.2%, The report emphasizes the cooling of inflationary pressure and increases the likelihood of liquidity injections. Lower dollar rates and weaknesses usually act as a tail for crypto markets.
Onchain data signals suggest that the market is preparing for this outcome the day before. Stablecoin inflows in the exchanges have risen to over $ 2 billion, along with merchants parking on the sides.
Historically, such activity reflects the “dry powder” that is ready to rotate at BTC and ETH once a catalyst appears. At the same time, the open interest of Bitcoin has risen above $ 80 billion, close to all times high, despite the price integration around $ 110,000, a sign that leveraged positions are building rather than unable to.
The combination of macroeconomic pressure and bullish onchain positioning sets the stage for volatility, but the bias structure remains upward. With the liquidity primed and sentiment shift of risk-on, Bitcoin can prepare to carve a bottom and ignite the next leg higher.
Related: Rare Binance Bitcoin Bottom Signal Fires: Will Bulls or Bears benefit?
Is Bitcoin below?
Following the nasty-expected NFP printing, Bitcoin was first monitored higher but quickly reversed, slipping 1.5% after opening New York’s session. The collapse pushed BTC back to the bottom of $ 111,000, following the retesting of the key supply zone between $ 112,500 and $ 113,650.
These sudden intraday pullbacks often come from early long prevention, with more than $ 63 million removed in the last four hours, in conjunction with potential stops of hunting by market manufacturers joining tight positioning before resetting the direction of the trend.
In the one -hour chart, the structure remains constructive. Despite the setback, Bitcoin continues to engrave higher and higher lows, a classic sign of an uprising. Unless the BTC will definitely close below $ 109,500, the short -term bullish structure holds, with sinking looks like a liquidity than a real trend shift.
When it comes out, the higher time frames tell a more careful story. With two days left before the weekly nearby, prematurely called a confirmed bottom. A decisive near above of $ 112,500 is significant to strengthen the case that a base is formed near $ 107,500.
Until then, the broader market remains in a transitional stage, balancing between macro-driven optimism and local supply pressure. In short, the lower-timeframe bias remains bullish, but the confirmation of a strong bottom depends on the weekly close handling of the upper resistance.
Related: Bitcoin prices ignore major US payrolls miss to erase $ 113.4K surge
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
