Bitcoin surged to $113,000 before reversing on weak US payrolls data. $2 billion in stablecoin flows and record open interest signal market strength. A weekly close above $112,500 is crucial for confirming a lasting bottom. Bitcoin rose 4.75% this week, hitting $113,384 before sliding post-NFP release.

Weaker US job data boosts case for Fed rate cuts, with odds at 88.2%. Lower rates and dollar weakness benefit crypto markets. Onchain data suggests market readiness for outcome, with $2 billion stablecoin inflows. Open interest near all-time highs at over $80 billion signals bullish sentiment.

Bitcoin initially rose post-NFP but reversed, dropping 1.5% below $111,000. Intraday pullbacks linked to long liquidations and stop-hunting. One-hour chart shows higher highs and higher lows, indicating uptrend. Weekly close above $112,500 needed for confirmed bottom near $107,500.

Market in transitional phase, balancing macro optimism and supply pressures. Lower timeframe bias bullish, but durable bottom confirmation rests on weekly close above resistance. Disclaimer: Article does not offer investment advice, readers should conduct their own research before deciding.

Read more at Cointelegraph: Did Bitcoin Bottom? Weak US Jobs Data Shakes The Market