Key Points:
Buyers are continuously increasing their holdings of Bitcoin (BTC) and opening new leveraged positions, but whether it can return to the $112,000 mark remains crucial.
Traders are cautious ahead of the U.S. employment report set to be released on Friday.
Bitcoin (BTC) rose to $112,600 on Wednesday, but sellers emerged during the Asian trading session, causing the gains to be fully reversed, and the downward trend continued into Thursday, with the price dropping to $109,329. Reports indicated that the ADP private sector employment data was weak, with 54,000 new jobs added in August, below analysts' expectations of 75,000. This data has put pressure on traditional markets.
A more important U.S. employment report will be released on Friday, providing a reference for assessing whether the labor market remains strong or has shown signs of weakness. Labor data released on Wednesday indicated that the current number of unemployed individuals in the U.S. is 7.24 million, exceeding the number of job openings at 7.18 million. Although economists hope for 80,000 new jobs in August, some analysts are concerned that the data will fall far short of expectations.
For Bitcoin (BTC) traders, signs of a slowing labor market suggest that the Federal Reserve is likely to cut interest rates. According to CME Group's FedWatch tool, the probability of the Fed lowering the benchmark interest rate by 25 basis points at the September meeting is 97.6%. Many traders expect this move to drive a rebound in BTC prices.
Despite the market's anxiety over this week's U.S. employment data, Hyblock's data indicates that both retail and institutional traders are buying in the spot market.
The BTC/USDT liquidation heatmap shows that the price is firmly constrained within the range of $109,000 to $111,200. Short-term traders are taking profits at the upper end of the range.
Related: Analyst: Dogecoin (DOGE) is expected to welcome its first ETF next week
Original: “Bitcoin Bulls Buy the Dip, But Can BTC Close Above $112,000?”
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