$BTC

$BTC – Stay Cautious Ahead of Non-Farm Payrolls: A Key Moment Tonight

Bitcoin surged to a high of around $97,400 today, coming within striking distance of my earlier target of $98,000. Currently, BTC is consolidating near $97,000. At this critical level, it’s wise not to rush into short positions just yet.

Why? Because tonight brings a major market catalyst: the non-farm payroll (NFP) data release at 8:30 PM. Historically, such key economic releases tend to trigger sharp volatility in both directions. With this in mind, it may be best to stay on the sidelines until the data is out.

If the NFP numbers come in strong, we could see BTC breaking above $98,000 and extending its rally. However, after this potential spike, bullish momentum may start to fade, setting the stage for a deeper correction in the coming days.

Looking ahead, the market also faces another big unknown: the Federal Reserve’s interest rate decision on May 8th. Whether rates are cut or held steady could have a significant impact on the crypto market’s trajectory, but predicting that outcome remains highly uncertain.

Strategy: Patience is key tonight. Watch how BTC reacts to the NFP data before making any moves.

– Posted by @NoriFtm on Binance Square (Write to Earn)

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