$BTC
$BTC has already surged to around $97,400, which is just $600 shy of my initial $98,000 target. At the moment, it's consolidating near $97,000. This is a tricky spot to take a short position, especially with a high-impact economic event on the calendar: tonight's Non-Farm Payroll (NFP) report.
We all know how the market tends to behave around big news — wild price swings up and down are pretty common. With the NFP data dropping at 8:30 PM (ET), we could easily see more volatility. If the data is favorable, could break right through $98K and keep running.
My advice? Sit tight for now. Let the news play out before jumping in. After the NFP report, if shows signs of exhaustion, that could be a better time to look for short setups.
Looking ahead, there’s another big unknown: the Federal Reserve’s interest rate decision on May 8. Whether they cut rates or not will have a major impact on both traditional markets and crypto. Since we can’t predict that outcome, it adds an extra layer of uncertainty — making it even more important to stay flexible.
