$BTC
Bitcoin - Don't rush to short sell: tonight could be a critical turning point
The price of Bitcoin today touched around $97,400, just $600 shy of my initial target of $98,000. Currently, the price of Bitcoin is hovering around the $97,000 mark. At this stage, short selling too early could 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 volatility. Historically, this data causes unexpected price spikes, 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 strong possibility that the price of Bitcoin will exceed the $98,000 mark and rise further. However, I expect that after tonight, the upward momentum will start to fade, and we may witness a significant market correction soon. The upcoming interest rate decision on May 8 adds to the uncertainty. Whether the Federal Reserve cuts interest rates or not will have a significant impact, not only on Bitcoin but on financial markets in general. Given the difficulty in 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.
