On Friday, Bitcoin surpassed the $112,000 mark, marking a significant event for traders ahead of the US employment data release.
Bitcoin's Rise and Market Sentiment Shift
At the start of the European trading session, Bitcoin reached $112,900, indicating bullish sentiment among traders. Data suggests that market participants have begun to show interest in the upward price movement of BTC in light of upcoming economic news.
Short Positions Liquidated Amid Price Surge
Traders with short positions on Bitcoin faced liquidations totaling $14.32 million within an hour. This movement showed high market activity with attempts to flip key resistance levels into support. Analysts indicate that $112,000 is a crucial level for confirming further growth.
US Employment Data Expectations and Market Impact
With the US jobs report due for release, market traders are anticipating potential changes in the Fed's monetary policy. Some experts suggest that weak data could lead to a rate cut of 25-50 basis points. The market is behaving cautiously, considering the possible implications for Bitcoin prices.
Bitcoin demonstrates an upward trend that may be linked to changes in monetary policy and expectations of economic data. Volatility in the cryptocurrency market may increase depending on the upcoming macroeconomic indicators.
