Bitcoin Breaks Out But Weak Jobs Data Shakes Bulls: Is It Time to Play Risk-On or Off?

Bitcoin broke through the $113,000 mark before retracing after weaker-than-expected US jobs data. Onchain flows show a surge in stablecoin inflows and record high open interest levels, fueling speculation about a potential market bottom. 75,000 jobs were anticipated for August, yet only 22,000 were added. This unexpected slowdown contributed to the weakening dollar and boosted expectations of Fed rate cuts.