$BTC Don't Rush to Short BTC: Tonight Could Be a Big Showdown

$BTC Today, Bitcoin (BTC) has already surged to around $97,400, coming remarkably close to my earlier prediction of $98,000. Currently, BTC is hovering around the $97,000 mark. At this critical level, it is crucial not to rush into shorting BTC, as tonight’s non-farm payroll (NFP) data release could significantly impact the market.

We all know that major news events often trigger sharp market movements. The NFP report, scheduled for release at 8:30 PM, is one of the most influential economic indicators. If the data is favorable, BTC could very well break through the $98,000 level and continue its upward trajectory. However, after tonight, BTC’s bullish momentum is expected to weaken, potentially leading to a significant correction.

Another key factor to consider is the upcoming interest rate meeting on May 8th. This event is unpredictable, as decisions on rate cuts or maintaining current rates could have a profound effect on the cryptocurrency market. Since this outcome is highly uncertain, it’s best to remain cautious.

$BTC Key Takeaways:

BTC is currently oscillating around $97,000, nearing the $98,000 resistance level.

Tonight’s NFP data release could cause sharp market movements.

If the data is favorable, BTC is likely to break $98,000 before losing upward momentum.

A significant correction is expected after the bullish momentum subsides.

The interest rate meeting on May 8th remains an unpredictable factor for the market.

Best Strategy: Stay out of the market for now and observe tonight’s developments. Acting prematurely could expose you to unnecessary risks.