Bitcoin’s price fell alongside stocks and gold following stronger-than-expected US jobs data, with a potential target of $110,000. The US dollar index hit three-week highs, causing market uncertainty over Federal Reserve interest-rate cuts. The Russia-Ukraine conflict added to risk-asset behavior, with crypto, stocks, and gold declining.

US jobless claims data came in below expectations, alleviating concerns about labor market weakness. The US dollar surged, hitting three-week highs and impacting various assets including crypto, stocks, and gold. Uncertainty over the Russia-Ukraine conflict and reports of Russian jet interceptions over Alaska added to market unease.

Bitcoin’s price action faces a critical juncture with $110,000 as a make-or-break level. Crypto market analysts warn of a delicate balance, with the market needing to reclaim $115,200 to revisit the top of its range. Failure to hold $110,000 could lead to a path towards $100,000, impacting the upcoming options expiry event.

Bullish sentiment in the crypto market focuses on topside exchange order-book liquidity. With markets heavily short, a potential “squeeze” higher is likely as short-side dominance in potential liquidations suggests a magnet for prices. Smart money is eyeing opportunities as the market navigates key price levels and potential liquidation risks.

Read more at Cointelegraph: US Dollar Surges as US Jobs Data Pressures Crypto