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HTX DeepThink: Bulls Increase Bitcoin Position, Non-Farm Payrolls Data Could Be Key Turning Point
Summary: In a recent analysis, HTX Research analyst Chloe (@ChloeTalk1) pointed out in the DeepThink column that Bitcoin has risen to $109,500, mainly driven by a 10% increase in open interest (OI) in the futures market to $3.2 billion, with significant new long funds entering the market, boosting market momentum. On a macro level, unexpected decrease ...
In a recent analysis, HTX Research analyst Chloe (@ChloeTalk1) pointed out in the DeepThink column that Bitcoin has risen to $109,500, mainly driven by a 10% increase in open interest (OI) in the futures market to $3.2 billion, with significant new long funds entering the market, boosting market momentum.
On a macro level, unexpected decrease in US ADP non-farm payrolls data (-33,000) has increased the probability of a rate cut in July to 27.4%, with a 25 basis point rate cut in September reaching 64%-72%. The Put/Call ratio in the options market has risen to 0.72, with $104,000 as a key support level and $114,000 as a short-term resistance.
Chloe pointed out that the market is currently weighing two paths: if non-farm data continues to be weak, it may trigger a new round of Bitcoin price increase; conversely, strong data could lead to a technical pullback. The market is currently in a sensitive period of directional choice.
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Link: HTX DeepThink: Bulls Increase Bitcoin Position, Non-Farm Payrolls Data Could Be Key Turning Point [Copy]
