BTC Holds Its Ground as I Wait for Friday's Data Dump

I've been watching Bitcoin hover around $110,800 today, and honestly, I'm playing it cautious. Who wouldn't with Friday's economic data looming? This sideways action after we tumbled from that $124,474 peak feels like the calm before another storm.

The job openings data yesterday confirmed what I already suspected - the labor market's cooling off. Almost 98% chance of a rate cut this month? Yeah, the Fed's hand is basically forced at this point. Two more cuts by year-end seems like a lock, which should be rocket fuel for crypto, but I'm not convinced the market has priced everything correctly.

What's fascinating to me is how institutional money keeps flowing in despite the recent weakness. $301 million just yesterday! These big players aren't flinching - they're buying the dip while retail traders panic. Classic market behavior.

The River report really caught my attention - businesses putting 22% of profits into BTC? That's not just testing the waters, that's diving in headfirst. And 63% viewing it as a long-term investment tells me these aren't traders looking for quick flips. This grassroots adoption matters more than the headline-grabbing ETF numbers sometimes.

Looking at the technicals, we're sitting right at the 100-day EMA. The RSI at 44 shows the bearish pressure is losing steam, and those MACD lines are looking ready to cross. If we can push past this level, $116,000 is the next target. But if things go south, expect a test of support around $105,573.

Tomorrow's NFP report will decide which way this breaks. The ADP numbers and jobless claims today will be appetizers, but tomorrow's main course is what matters. Weak jobs data would practically guarantee those rate cuts and could send BTC higher, while strong numbers might postpone the Fed's plans and crush our recent recovery.

I'm watching those ETF flows closely - sustained inflows could be the lifeline BTC needs right now. For once, those Wall Street guys might actually be helping us out.