Bitcoin’s Bulls Face Resistance at $112K Amidst US Job Market Uncertainty

Bitcoin experienced a surge to nearly $112,600 on Wednesday but faced pressure from sellers, leading to a decline to around $109,329. This follows the release of weak ADP data showing 54,000 jobs added in August, below market expectations of 75,000. Traders are bracing for Friday’s significant US jobs report that will shed light on the labor market’s health. A robust market could fuel a Federal Reserve rate cut expected this September, potentially igniting Bitcoin’s price recovery.