Key Points:
Bitcoin broke through $112,000 on Friday, with bulls gaining key support.
More volatility is expected in the crypto market following the release of the U.S. employment report on Friday.
Bitcoin (BTC) reached $112,900 at the start of the European trading session on Friday. Traders gradually shifted to a bullish BTC price outlook ahead of the U.S. employment data release.
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin bulls are working to turn key resistance levels into support.
This includes the $111,500-$113,000 range, which has accumulated the most significant sell order liquidity on the exchange order book.
CoinGlass's liquidity heatmap indicates that Bitcoin's price has consumed some liquidity that day, with remaining liquidity extending to $115,000.
In this round of Bitcoin price movement, a $14.32 million BTC short position was liquidated within an hour.
Renowned analyst Skew commented on the BTC market on Friday, stating: "Bitcoin's price has made a strong rebound after good buying depth (market demand) and a $100 million short squeeze." He added:
Skew also mentioned that the price now needs to show "strong buying demand" above key levels to confirm the breakout trend.
One of the key levels is $112,000, which MN Capital founder Michael van de Poppe believes creates a good entry opportunity for bullish traders.
He told his followers on X (formerly Twitter) on Friday that if the BTC price breaks above $112,000, it would be "another significant bullish opportunity," adding:
Trader Rekt Capital pointed out that $113,000 is the level that needs to be reclaimed to "fully confirm the breakout" and increase the probability of a sustained rise.
According to Cointelegraph, buyers continued to accumulate Bitcoin when it recently dipped below $110,000 and opened new leveraged positions. However, whether it can break and close above $112,000 remains crucial.
The U.S. employment report will be released today. Capital market commentator The Kobeissi Letter stated that the possibility of a "contraction in the labor market" cannot be ruled out.
Against the backdrop of the Federal Reserve facing pressure to cut rates, a weaker-than-expected employment report would indicate that the labor market is cooling.
This could raise expectations for a 25-50 basis point rate cut by the Federal Reserve, as the Fed tends to prioritize supporting employment during economic slowdowns.
The Kobeissi Letter posted on X (formerly Twitter) on Friday, stating: "The number of unemployed in the U.S. currently exceeds the number of job openings." They added:
According to the CME FedWatch tool, market participants currently expect a 99.4% probability that the Federal Reserve will cut the federal funds rate by 25 basis points at the September meeting, with many traders anticipating that this move could drive a rebound in BTC prices.
Related: Bitcoin "Frenzy Phase" Cools Down, $112,000 Becomes Key BTC Price Threshold
Original: “Bitcoin Analyst Warns: BTC Price Will Experience 'Massive' Volatility After Reclaiming $112,000”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
