Bitcoin (BTC) is trading at $97,783.95 at the time of reporting, rebounding slightly after dipping to $95,707.35 and peaking at $100,154.14 in the past 24 hours. The world’s dominant cryptocurrency has gained 0.48% in the last day but remains down 6.50% over the past week, reflecting ongoing market uncertainty.

(BTC Price 1D chart / Tradingview)

The latest U.S. jobs report from the Department of Labor revealed that 143,000 jobs were added in January, falling short of economists’ predictions of 170,000. However, the unemployment rate dropped from 4.1% to 4.0%, signaling a mixed economic picture.

Bitcoin and other risk assets tend to react to labor market data, as employment figures can influence Federal Reserve policy decisions on interest rates. A slowdown in hiring could increase speculation about future rate cuts, which typically benefits bitcoin by making alternative assets more attractive compared to traditional finance instruments like bonds and savings accounts.

Despite bitcoin’s recent choppy price action, trading volume surged 14.65% to $52.33 billion in the past 24 hours, indicating increased activity as traders react to macroeconomic developments. Meanwhile, bitcoin’s total market capitalization stands at $1.93 trillion, maintaining BTC’s dominant position in the crypto space.

Bitcoin dominance edged up slightly to 60.8%, a 0.1% increase, suggesting that capital is continuing to consolidate in BTC while altcoins remain under pressure. Futures markets have also seen a slight uptick, with total BTC futures open interest rising 1.18% to $59.44 billion, indicating that traders are taking fresh positions as they anticipate the next major move.

Bitcoin liquidations totaled $64.64 million over the past 24 hours, with $34.26 million coming from long positions and $30.39 million from shorts. This relatively balanced liquidation data suggests that both bullish and bearish traders are being caught off guard by the volatility.

With BTC struggling to reclaim the $100,000 level, traders are watching whether Bitcoin can break past resistance or if bearish pressure will push it toward $95,000 support. While Bitcoin’s trading volume and futures open interest indicates strong market engagement, broader economic conditions and regulatory developments will likely play a crucial role in determining the next price trend.

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