Bitcoin’s price stabilized near $111,320 after significant volatility over the past 24 hours. The price briefly rose to $112,600 but sellers regained control during the Asian session. Earlier, on Thursday morning, Bitcoin had dropped to $109,329 before the market showed signs of recovery. On-chain and derivatives data indicate buyers are accumulating Bitcoin at lower prices, while short-term traders are selling at higher levels to take profits. Market focus is now on the upcoming U.S. employment report due Friday, a key indicator for the global financial outlook. Expectations are for 80,000 new jobs in August, but recent data has raised concerns, such as the ADP private hiring report showing only 54,000 jobs added, below expectations. The U.S. unemployment figure stands at 7.24 million, close to the number of employed individuals, highlighting labor market fragility. Weak employment data could increase the likelihood of a Federal Reserve interest rate cut, generally positive for risk assets. According to the CME FedWatch tool, there is a 97.6% chance of a 25 basis point rate cut by mid-September. Technically, Bitcoin remains confined between $109,000 and $111,200, with a daily close above $112,000 representing a key bullish milestone. Traders remain cautious, and short-term resistance is limiting upward momentum. The forthcoming U.S. employment data will likely determine Bitcoin’s next direction; a weaker report may trigger gains, while stronger data could push prices back toward $109,000-$110,000. Despite current uncertainty, investor interest in Bitcoin remains steady, suggesting continued volatility in the market.
Source: binance
