Top 3 Reasons Why Bitcoin Price Is Rising Today

Bitcoin price bounces toward $113K–$114K earlier today, amid weak US jobs data, positive spot cumulative volume delta (CVD), and crypto options expiry.

Markets await the key macroeconomic data to confirm a recovery. Weak Nonfarm payrolls and unemployment rate jobs data will confirm a softening US labor market.

That would prompt the Federal Reserve to consider more or larger rate cuts this year.

Odds of 3 Rate Cuts Amid Weakening US Labor Market

The CME FedWatch Tool showed odds of three rate cuts this year after the latest jobs reports signaled a slowing labor market.

Moreover, the probability of a 25 bps Fed rate cut in September increased more than 99% at the time of writing.

As The Coin Republic reported, the US JOLTS Job Openings data came in lower than expected at 7.181 million. Moreover, the ADP Nonfarm Employment Change and the Jobless Claims jobs data

The key Nonfarm payrolls data is anticipated at 75K, higher than 73K in the previous month. Moreover, the unemployment rate is expected at 4.3%, up from 4.2% in July.

Bitcoin and the broader crypto market could recover further if the nonfarm payrolls come in lower-than-expected and the unemployment rate rises to 4.3% or higher.

$3.28 Bitcoin Options Expired

BTC options with a notional value of $3.28 billion expired on Deribit at 8AM UTC on Friday, with a put-call ratio of 1.39.

It indicated bearish sentiment among options traders as they were betting on more puts, which are now settled.

Moreover, the max pain price was $112,000. BTC price has now climbed above the level, fueling positive sentiment.

Derbit said puts were concentrated around $105K-$110K strike price, indicating betting on a Bitcoin price drop towards $105,000 by most traders.

Bitcoin Spot vs Perpetual Trading Shows Demand

Spot cumulative volume delta (CVD) has flipped positive after heavy selling in Bitcoin and the broader crypto market, pointed out on-chain analyst IT Tech.

He hinted at the demand for Bitcoin slowly rising.

Multiple positive catalysts appeared as short positions were liquidated. Bulls strongly held the point of control at $111K as strong support.

Also, the BTC orderbook depth revealed that fresh bids were backing upside momentum. He added that the market is still in recovery mode and there are no “euphoria” signals yet.

BTC price could rebound toward $113K-$114K if spot flow stays strong.

Popular analyst Rekt Capital revealed that Bitcoin price has technically fully confirmed its breakout.

In the daily timeframe, a close above the $113K would confirm additional trend continuation to the upside.

At the time of writing, Bitcoin price was trading more than 0.63% higher at $110,834 in the past 24 hours. The price jumped from a 24-hour low of $109,347 to hit a 24-hour high of $112,995.

Furthermore, the trading volume has decreased by 13% in the last 24 hours, indicating a decline in interest among traders amid uncertainty.

CoinGlass data showed buying in the derivatives market. The 24-hour total BTC futures open interest jumped more than 1% to climb above $81 billion.

Whereas, the 4-hour BTC futures OI on CME and Binance slipped 0.37% and 0.5%, respectively. The market continued to witness massive volatility.