Bitcoin continues to face selling pressure, rejecting attempts to rise above $116,000, even after US jobs data indicated labor market weaknesses. The July nonfarm payrolls reported only 73,000 new jobs compared to a projected 100,000, raising the likelihood of an upcoming Federal Reserve interest rate cut. This development followed Fed Chair Jerome Powell’s recent hawkish comments on monetary policy. According to data, Bitcoin briefly dipped to $114,116 before recovering due to positive sentiment buoyed by the jobs report. Market participants noted a potential for a short squeeze, with some traders actively buying below the $115,000 mark on exchanges like Bitfinex. On the other hand, analysts voiced concerns over significant job losses and downward revisions in job numbers from previous months, suggesting possible recession indicators. Traders are monitoring market liquidity closely as they anticipate a move towards the previously targeted $120,000 level. As always, participants are reminded to conduct their own research before making investment decisions.

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