Bitcoin Surges to $113K Before Reversing on Weak US Jobs Data
- Bitcoin (BTC) rose by up to 4.75%, reaching $113,384 before reversing after US Nonfarm Payrolls data.
- US payrolls added only 22,000 jobs in August, significantly below the forecast of 75,000.
- Stablecoin inflows into exchanges exceeded $2 billion, indicating increased liquidity in the market.
- Bitcoin’s open interest surpassed $80 billion, nearing all-time highs despite price consolidation around $110,000.
- A weekly close above $112,500 is necessary to confirm a potential market bottom for Bitcoin.
The recent labor market data suggests a cooling economy that could lead to Federal Reserve rate cuts, which typically benefits risk assets like Bitcoin. The substantial stablecoin inflows indicate traders are positioning for potential upward movement in the crypto market.
Despite the pullback after hitting $113,384, Bitcoin’s structural trend remains bullish as long as it stays above $109,500. A decisive weekly close above $112,500 would strengthen the case for a bottom formation near $107,500.
