🚨WEAK JOBS DATA WAS BULLISH… SO WHY DID BITCOIN REJECT $87K AGAIN?
U.S. jobs data came in much weaker than expected. Just 29K jobs added vs 90K expected.
That pushed expectations for further Fed tightening lower, stocks rallied, and Nvidia even hit a new record high.
And $BTC?
It initially jumped toward $87K… Then got rejected. Again. 😶
BTC is now back around $84.6K, making this the third rejection around the $87K area.
So what’s holding Bitcoin back?
#liquidity Binance’s latest crypto report highlights that the stablecoin market cap is still around $14B below its May peak, with only about $4B recovered. That matters because a Bitcoin breakout needs more than a bullish headline. It needs fresh capital actually entering the market. And this is the part I’m watching closely:
If BTC keeps testing $87K without enough new liquidity coming in, another rejection wouldn’t surprise me. But if stablecoin liquidity starts expanding while BTC reclaims and holds $87K, that would be a very different signal. There’s also a bigger structural argument here.
CryptoQuant CEO Ki Young Ju expects this cycle to be less extreme than previous Bitcoin cycles, with institutional participation helping reduce both upside and downside extremes.
So maybe the game is changing.
Less crazy parabolic moves.
Less brutal crashes.
More capital.
More institutions.
But for now, $87K is still the level I’m watching.
BTC above $87K and holding = different story.
Another rejection = liquidity becomes even more important.
#SECProposesCryptoCustodyRules #FedOctoberRateHikeOddsFallTo17% #CryptoNews $PEPE $NVDAB $ICP What happens next?