Bitcoin surged to $108,000 as US jobs data showed a significant drop, leading to a short squeeze. Labor market weakness increases the odds of Federal Reserve interest-rate cuts, boosting risk assets.
Bitcoin is at a pivotal decision zone, with liquidity building on both sides of the current price. Analysts predict a potential rally to new highs, with the $109,000 level being key for upward momentum.
Bitcoin funding rates are declining, indicating increased caution and potential neutral or short-side positioning. Despite high futures activity, appetite for long exposure is fading, raising the possibility of a short squeeze, where short traders are forced to close their positions.
