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Bitcoin – THIS could be the breakout setup that changes everything!

3min Read

Traders pile in ahead of strong jobs data; but can risk appetite survive macro reality?

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  • Traders piled into Bitcoin ahead of strong U.S. jobs data, triggering a $100 million Binance volume spike.
  • Despite macro factors, analysts see rising altcoin momentum and potential for a broader crypto breakout.

Traders rushed into Bitcoin [BTC] ahead of the U.S. jobs report, betting big on a continued rally.

Over $100 million in net taker volume poured in on Binance alone, just before the data surprised to the upside. Now, with the Fed likely to hold rates higher for longer, crypto’s bullish momentum is facing a fresh test.

Aggressive Bitcoin buying on Binance

Bitcoin’s Net Taker Volume on Binance spiked sharply above the $100 million threshold in the hours leading up to the U.S. Nonfarm Payrolls report, as shown in the chart below.

bitcoin

Source: CryptoQuant

Net Taker Volume shows the difference between market buys and sells; so this surge means traders were aggressively placing buy orders, not waiting on dips.

The timing is key: the buildup happened just before the data release, suggesting speculative positioning tied to macro expectations.

The pronounced green bars and steep rise in BTC price show classic FOMO behavior, with traders chasing momentum ahead of a potentially market-moving catalyst.

According to Matt Mena, Crypto Research Strategist at 21Shares, risk-on sentiment was evident across broader markets.

He highlighted that S&P 500 Futures were close to all-time highs and that Bitcoin appeared range-bound between $108,000 and $110,000, positioned for a potential breakout.

Mena stated,

“Perhaps most tellingly, Bitcoin dominance has dropped by 3% in recent days to 62% – a signal that the altcoin market is beginning to show signs of life.”

Jobs report for upside

On the 3rd of July, the U.S. labor market delivered a stronger-than-expected performance. Nonfarm Payrolls rose by 147,000, significantly above the consensus forecast of 110,000 to 118,000.

Meanwhile, the unemployment rate fell to 4.1%, its lowest level since February. 

These upbeat figures highlight the resilience of the U.S. economy and suggest that the Federal Reserve may hold off on easing monetary policy in the near term.

Source: CryptoQuant Quicktake

As a result, traders quickly adjusted their rate expectations: Fed funds futures now show a 95% probability that the central bank will keep rates unchanged at its July meeting, up from 75% before the data release.

Mena noted that the combination of strong economic data, improving investor sentiment, and potential regulatory clarity could create ideal conditions for digital assets.

He added,

“For Bitcoin, that could mean a decisive breakout toward $200,000 and beyond,”

He also highlighted that altcoins could benefit even more as capital begins to rotate across the broader market.

Bitcoin bulls vs. a stronger dollar

Traders loaded up on Bitcoin before the jobs report, but the data now points to a tougher backdrop.

A strong labor market means the Fed is likely to keep interest rates high, which supports a stronger U.S. dollar.

That’s usually bad news for Bitcoin – historically, strong jobs numbers and fewer rate cuts have pressured crypto prices.

So while bullish bets are rising, the macro environment could work against them, creating a risky setup for traders. Mena concluded that a runway is forming, saying,

“With labor markets stable, inflation cooling, and liquidity on the horizon – both traditional and digital risk assets are responding accordingly.”

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Samyukhtha L KM is a Financial Journalist and Market Analyst at AMBCrypto whose work is defined by one central question: Is the latest trend in blockchain hype, or history in the making? Her expertise is built on a strong academic foundation, with a Master’s in Journalism and Mass Communication from Amity University and a Bachelor’s in Commerce from the University of Madras. This dual qualification equips her with a unique skill set: the financial acumen to dissect market mechanics and the journalistic rigor to investigate and communicate complex subjects with clarity. Samyukhtha specializes in analyzing the socio-economic impact of blockchain adoption and assessing the viability of new market narratives. This includes a focus on high-velocity, community-driven assets such as memecoins, where she evaluates sentiment and fundamentals. She is dedicated to providing readers with insightful, well-researched commentary that looks beyond immediate market moves to understand the long-term implications of decentralized technology.
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