Bitcoin struggled to hold above $116,000 as bullish momentum waned despite weaker-than-expected U.S. jobs data. July payrolls came in at just 73,000, well below forecasts, pushing the probability of a Fed rate cut past 75%, according to CME’s FedWatch tool.
Following this, rising tariff concerns triggered a drop in BTC to around $114,100 before a bounce-back attempt. However, resistance near $116,000 remained strong. Order book data revealed dip-buying activity on Bitfinex and potential short-liquidation zones near $120,000.
Traders are cautious, weighing the disappointing labour figures—which included downward revisions for May and June jobs totalling a 258,000 loss—against mixed macroeconomic signals. The Bitcoin chart reflects a battle between the risk of short squeezes and accumulation on dips, while investors focus on how the Fed’s policy outlook evolves in light of these labour trends.
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📊 Summary
Bitcoin’s push toward $116,000 faltered amid macro uncertainty.
Disappointing U.S. jobs data raised expectations of a Fed rate cut above 75%.
Dip-buying at lower levels was offset by shorts positioned near $120,000.
BTC remains capped under resistance with liquidity factors intensifying market pressure.
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