Bitcoin’s Recent Drop Linked to Stronger US Jobs Data, Analysts Eye Potential Retest of $110,000 Amidst Market Correction

Bitcoin experienced a drop to new local lows due to stronger-than-expected US jobs data, leading to a market correction affecting not only Bitcoin but also stocks and gold. The US dollar index reached a three-week high, hinting at a potential retest of $110,000 for Bitcoin. The decrease in US jobless claims diminished expectations for Federal Reserve interest rate cuts, boosting the US dollar but weighing on crypto, stocks, and gold. Uncertainty surrounding the Russia-Ukraine conflict also added to the negative market sentiment. Analysts suggest that reclaiming $115,200 is crucial for Bitcoin to revisit its peak, with $110,000 becoming a key support level. The market is currently in a delicate state, with the possibility of a price squeeze amidst significant short positions.

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