Bitcoin Rebounds Above $112K Ahead of US Jobs Report
Bitcoin (BTC) reclaimed the $112,000 level on Friday, touching $112,900 during European trading as bulls targeted key resistance zones ahead of the US jobs report. This relief rally liquidated over $14 million in BTC short positions within an hour, according to CoinGlass. Analysts noted strong bid depth and rotation out of shorts, with Michael van de Poppe identifying $112,000 as a strategic long-entry point and Rekt Capital flagging $113,000 for a confirmed breakout. Traders are focusing on the US nonfarm payrolls data for clues on Federal Reserve rate cuts. A weaker-than-expected jobs figure could boost expectations for a 25–50 basis-point rate reduction in September, potentially driving further upside in BTC price.
Bullish
Bitcoin’s rebound above $112,000 and the liquidation of over $14 million in short positions indicate strong bullish momentum and a potential short squeeze driving BTC price higher. Analysts highlight key levels at $112,000 and $113,000 as strategic entry points, reinforcing positive technical signals. The upcoming US jobs report could further fuel volatility; a weaker payrolls print would heighten expectations for Federal Reserve rate cuts, likely to support additional upside. This pattern mirrors past events where dovish data and short-covering triggered sharp Bitcoin rallies, suggesting both short-term gains and sustained bullish sentiment if key levels hold.