Bitcoin experienced a brief rally above $113,000 before reversing due to disappointing US jobs data. The August Nonfarm Payrolls report revealed only 22,000 jobs added, far below the expected 75,000, with unemployment rising to 4.3%. This weak data increases the likelihood of Federal Reserve interest rate cuts, which typically favor risk assets like Bitcoin. Onchain data indicated strong stablecoin inflows of over $2 billion, suggesting traders are preparing for potential market moves. Despite the recent price drop after the jobs report, the short-term structure remains bullish as long as Bitcoin stays above $109,500. However, to confirm a lasting bottom, Bitcoin needs to close above $112,500 by the end of the week. The market is thus in a transitional phase, balancing macroeconomic factors with local supply pressures.

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