Key Points:
U.S. employment data exceeded expectations, causing Bitcoin, stocks, and gold to decline simultaneously.
The U.S. dollar index reached a three-week high due to initial jobless claims being lower than expected.
$110,000 has become the next increasingly "likely" price target for Bitcoin.
Bitcoin (BTC) is under pressure from macroeconomic and geopolitical factors, and may "possibly" test the $110,000 level again on Thursday.
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin hit a new phase low of $110,658 on Bitstamp.
The initial jobless claims released that day were lower than expected, indicating that the labor market is not as weak as anticipated.
CME Group's FedWatch tool indicates that market confidence in a Federal Reserve rate cut has weakened as a result.
According to Ryan Detrick, Chief Market Strategist at Carson Group, on X, "That's it, initial jobless claims are no longer a concern."
The dollar strengthened accordingly, with the dollar index (DXY) rising to a three-week high, while cryptocurrencies, stocks, and gold all fell.
Additionally, news of Russian warplanes being intercepted over Alaska further exacerbated uncertainty in the Russia-Ukraine situation, keeping market sentiment low.
According to trading resource The Kobeissi Letter, commenting on the performance of risk assets, a stock pullback "should have happened earlier."
The Kobeissi Letter noted, "A healthy bull market does not rise straight up."
As previously reported by Cointelegraph, stocks and gold had reached historical highs.
According to Swissblock, a cryptocurrency market insights company, the Bitcoin market is "in a delicate balance."
Swissblock warned on X, "Bitcoin has fallen below $113,000, hovering below $112,000: a retest of $110,000 is imminent."
Swissblock believes that BTC/USD needs to return to $115,200 to have a chance to challenge the range highs. If it falls below $110,000, it may further drop to $100,000.
Swissblock added, "$110,000 is a key support level and is expected to be tested, with options expiring on Friday potentially becoming worthless." They pointed to the upcoming $17.5 billion options expiration event.
Bullish views focus on liquidity at the top of exchanges. In a heavily short-positioned market, a "short squeeze" is more likely.
According to trading resource TheKingfisher, emphasizing their own data, "Look at the dominance of shorts in potential liquidation orders."
Related: Ethereum co-founder sells $6 million in ETH, conflicting signals with $1.6 billion whale purchases.
This article does not constitute investment advice or recommendations. Every investment and trading activity carries risks, and readers should conduct their own research before making decisions.
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