Bitcoin price is under pressure as investors shift to safer assets like government bonds and gold, increasing the chances of a drop to $108,000. This shift follows disappointing US labor market data, with BTC briefly trading below $110,000. The rally in gold and government bonds highlights growing recession fears, while equities had a more positive response amid speculation of potential interest rate cuts by the Federal Reserve. The 2-year US Treasury yield fell to its lowest in four months as investors sought safety. Although rates may be expected to drop, skepticism persists about the Fed's ability to maintain such easing. Bitcoin's high correlation with technology stocks, particularly the Nasdaq, remains strong at 72%. Some analysts suggest that upcoming institutional inclusion in the S&P 500 could enhance Bitcoin's profile. Despite short-term pressures, the growing appetite for short-term Treasuries shouldn't be interpreted as a definitive long-term bearish signal for Bitcoin.

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