Bitcoin Fumbles After Payroll Shock: Gains Vaporize, $100K Retest Looms
The post Bitcoin Fumbles After Payroll Shock: Gains Vaporize, $100K Retest Looms appeared on BitcoinEthereumNews.com. On Friday, BTC briefly popped above $113,000, only to wipe out the entire $113.4K surge in spectacular fashion, despite a U.S. jobs report so weak it practically guaranteed a Federal Reserve rate cut later this month. This is classic Bitcoin: ignore the macro tailwinds, trip over its own shoelaces, and leave traders asking whether $100,000 support is about to get retested. Payrolls Miss Big, Gold Steals the Spotlight The U.S. nonfarm payrolls print came in at a pathetic 22,000 jobs for August. Wall Street was expecting 75,000. To make matters worse, previous months were quietly revised downward, showing a much uglier trend: June went negative, and August full-time jobs actually fell by 357,000. The “resilient” U.S. labor market? More like a patient on life support. The dollar promptly tanked. Gold, meanwhile, strutted to new all-time highs, reminding everyone why it’s still the boomer’s favorite crisis hedge. Traders almost unanimously agreed: the Fed is now boxed into a corner. The September 17 meeting will almost certainly deliver a rate cut, according to CME FedWatch Tool odds. The Kobeissi Letter put it bluntly: “The labor market is rapidly deteriorating.” Translation: easy money is back on the menu. Bitcoin Snoozes While Liquidity Builds You’d think Bitcoin, the self-proclaimed “hardest money,” would cheer at the prospect of lower rates and a weaker dollar. Instead, BTC did its usual impression of a moody teenager—spiking, sulking, and settling back under $111,000. That’s not to say the setup is bearish. Onchain metrics tell a different story: over $2 billion in stablecoins parked on exchanges in the last 24 hours, just waiting to rotate into BTC and ETH. Open interest in Bitcoin futures is also hovering at record highs near $80 billion. That’s not apathy; that’s leverage coiling like a spring. Still, leverage cuts both ways. Friday’s $3,000…
The post Bitcoin Fumbles After Payroll Shock: Gains Vaporize, $100K Retest Looms appeared on BitcoinEthereumNews.com.
On Friday, BTC briefly popped above $113,000, only to wipe out the entire $113.4K surge in spectacular fashion, despite a U.S. jobs report so weak it practically guaranteed a Federal Reserve rate cut later this month. This is classic Bitcoin: ignore the macro tailwinds, trip over its own shoelaces, and leave traders asking whether $100,000 support is about to get retested. Payrolls Miss Big, Gold Steals the Spotlight The U.S. nonfarm payrolls print came in at a pathetic 22,000 jobs for August. Wall Street was expecting 75,000. To make matters worse, previous months were quietly revised downward, showing a much uglier trend: June went negative, and August full-time jobs actually fell by 357,000. The “resilient” U.S. labor market? More like a patient on life support. The dollar promptly tanked. Gold, meanwhile, strutted to new all-time highs, reminding everyone why it’s still the boomer’s favorite crisis hedge. Traders almost unanimously agreed: the Fed is now boxed into a corner. The September 17 meeting will almost certainly deliver a rate cut, according to CME FedWatch Tool odds. The Kobeissi Letter put it bluntly: “The labor market is rapidly deteriorating.” Translation: easy money is back on the menu. Bitcoin Snoozes While Liquidity Builds You’d think Bitcoin, the self-proclaimed “hardest money,” would cheer at the prospect of lower rates and a weaker dollar. Instead, BTC did its usual impression of a moody teenager—spiking, sulking, and settling back under $111,000. That’s not to say the setup is bearish. Onchain metrics tell a different story: over $2 billion in stablecoins parked on exchanges in the last 24 hours, just waiting to rotate into BTC and ETH. Open interest in Bitcoin futures is also hovering at record highs near $80 billion. That’s not apathy; that’s leverage coiling like a spring. Still, leverage cuts both ways. Friday’s $3,000…
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