Bitcoin's price is struggling to maintain its hold above $109,000, primarily influenced by whales shifting their investments to Ether and rising UK bond yields. This week’s US jobs report is pivotal, as it could determine Bitcoin's ability to sustain its $108,000 support level. Notably, $390 million in leveraged long positions are at risk below $107,000. After peaking at $117,000 in late August, Bitcoin has since seen a price decline of 12.5%. The recent bullish momentum has faded, leading whale investors, some of whom held for over five years, to begin reallocating capital into Ether. Additionally, the growing premium on Bitcoin put options suggests bearish sentiment among traders. As the UK experiences its highest bond yields since 1998 due to inflation concerns, expectations of increased financial strain loom, potentially influencing both Bitcoin and broader markets. The upcoming US labor market data will significantly affect investor sentiment and risk appetite, highlighting the interconnectedness of macroeconomic factors and cryptocurrency markets.

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