Bitcoin - Don't rush into short selling: tonight might be a critical turning point
Bitcoin's price touched approximately $97,400 today, just $600 away from my initial target of $98,000. Currently, Bitcoin's price hovers around the $97,000 level. At this stage, premature short selling may be risky.
Why? Because tonight, at 8:30 PM, the Non-Farm Payroll (NFP) data will be released, a key macroeconomic event known for causing sharp market fluctuations. Historically, this data causes unexpected price surges, both up and down. The best move now is to wait and watch.
If the Non-Farm Payroll numbers come in strong, there is a high likelihood that Bitcoin's price will surpass the $98,000 mark and rise further. However, I expect that after tonight, the upward momentum will begin to fade, and we may soon witness a significant market correction. The scheduled interest rate decision on May 8 adds to the uncertainty. Whether the Federal Reserve lowers interest rates or not will have a substantial impact, not only on Bitcoin but on financial markets in general. Given the difficulty of predicting outcomes, it is wise to take this risk into account.
In summary: If you are considering taking any action, it is best to wait until the Non-Farm Payroll (NFP) data is released.
