$BTC has already pushed up to around $97,400, which is just $600 away from my original $98,000 target. Right now, it's consolidating near $97K, and honestly, I don’t think it’s the right time to jump into shorts.

Why? Because tonight we’ve got a major event coming – the Non-Farm Payrolls (NFP) report at 8:30 PM. This kind of macro news often causes sharp volatility in both directions. We could see some serious price action – fakeouts included – right around the data release.

My approach here is caution. I’d rather wait it out than get caught in the whipsaw. If the NFP data comes in strong, I expect BTC to break $98K and possibly push even higher. But after that, I believe the upside momentum will start to fade, and we could be setting up for a meaningful correction.

Also, don’t forget about the May 8th interest rate decision. That’s a whole different beast – the outcome is uncertain and could swing the entire market either way. Whether the Fed cuts or holds, the impact on crypto will be big, but it’s impossible to price in right now.

$BTC – Patience Before the Payrolls

Bitcoin is currently trading around $96,700, just shy of the $98,000 target. Earlier today, it reached a high of $97,437.96, marking a significant move upward.

With the Non-Farm Payrolls (NFP) report scheduled for release at 8:30 PM, the market is poised for potential volatility. Historically, such macroeconomic data can lead to sharp price movements in both directions.

Trading Strategy:

Breakout Entry: Consider entering a long position if BTC breaks and sustains above the $95,800 resistance level with strong volume confirmation.

Pullback Entry: If $BTC retraces to the support level around $93,000 and shows signs of a bullish reversal, it may present a buying opportunity.

Take-Profit Targets:

TP1: $97,400 Blockchain News +1

TP2: $99,000 Binance

TP3: $100,000 Binance +3

Stop-Loss:

Breakout Entry: Below $94,500 to manage downside risk.

Pullback Entry: Below $91,000 to limit potential losses.

Additionally, keep an eye on the upcoming interest rate decision on May 8th, which could further influence BTC's trajectory.

Key Takeaway: Exercise caution and avoid premature short positions. Await the NFP data release before making significant trading decisions.

For real-time updates and to monitor BTC's performance, you can refer to the live chart on Binance:

BTC/USDT Live Chart on Binance