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Nonfarm payrolls disappointed, rate cut narrative reopens
bitcoin:native rallied from $59k all the way to $62k, now standing at $61k.
$ETH Today +5.17%, performing even stronger than BTC. The funding rate is still near zero, indicating this move is not fueled by leverage. The long/short ratio has also dropped from last week's 70% long to 62%, making the position structure healthier than the entire week.
But there's something to clarify: the logic that weak employment pushes rate cuts has conditions — inflation must cooperate. If next week's CPI disappoints, half of this rally may have been front-run.
Today is the eve of the US Independence Day holiday, liquidity is thin, and prices can easily drift with small orders. The direction is fine, but don't chase tonight.
After the holiday, it will be the real test of this rally's strength.
DYOR Not investment advice