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Merchants have rushed into Bitcoin [BTC] Before the US report on jobs and betting on the ongoing assembly.
More than $ 100 million in the net recipient’s volume poured only to binance, just before the data surprised upside down. Now, with the fact that the Fed is likely to keep the rates higher for longer, Crypto’s bull momentum faces a new test.
Clean volume of bitcoins per binance spat Above the $ 100 million in the lessons leading to the US payout report, as shown in the graph below.
The net starton volume shows the difference between market purchases and sales; So this increase means that traders aggressively placed purchasing orders and did not wait for decreases.
The timing is key: the accumulation has occurred just before the data is released, indicating a speculative location bound to macro expectations.
The explicit green rods and the steep increase in the price of BTC show classic FOMO behavior, while traders are chasing momentum in front of a potentially market catalyst.
According to Matt Mena, a crypto of the research strategist at 21shares, there was an apparent sentiment to the wider markets.
He stressed that the Futures S&P 500 was approaching historical maximums and that bitcoins appeared between $ 108,000 and $ 110,000, located on a potential escape.
Mena said
“Perhaps most, the dominance of bitcoins in recent days has dropped by 3% to 62% – the signal that the Altcoin market is beginning to show signs of life.”
July 3, the US labor market brought stronger than the expected performance. Nonfarm payments increased by 147,000, which is significantly above the consensus of 110,000 to 118,000.
Meanwhile, unemployment rate dropped to 4.1%, which is the lowest level of February.
These positive figures emphasize the resistance of the US economy and indicate that the federal reserve system can be releasing in currency policy in the near future.
As a result, traders quickly adjusted their expectations: Futures Fed Fonds Futures now show the probability of 95% that the central bank at its July meeting maintains unchanged rates, compared to 75% before the data.
Mena noted that the combination of strong economic data, improvement of investors’ sentiment and potential regulatory clarity could create ideal conditions for digital assets.
He added
“For bitcoins, this could mean a decisive escape to $ 200,000 and further,”
He also stressed that altcoins could benefit even more because capital will start alternating on a wider market.
Merchants have been loaded on Bitcoin Before the task report, but the data now shows a harder background.
The strong labor market means that the Fed is likely to keep interest rates high, supporting the stronger US dollar.
This is usually bad news for bitcoins – historically strong job numbers and fewer cut rates pushed to crypt prices.
So while bull bets are growing, the macro environment could work against them and create a risk setting for traders. Mena concluded that the runway was formed and said that
“For markets of work stable, inflationary cooling and liquidity on the horizon – traditional and digital risk assets correspond to the appropriate way.”