The trading volume on Binance has significantly increased ahead of the US jobs report, indicating rising trader interest in the market.
Aggressive Buying on Binance
CryptoQuant's analysis revealed that Binance's net taker volume exceeded $100 million. This indicates a notable spike in market buy orders, reflecting strong bullish sentiment or speculative bets on continued market momentum.
Response to US Jobs Report
Following the release of the US jobs report, which showed Nonfarm Payrolls increasing by 147,000 in June, analysts noted that this figure exceeded earlier forecasts. The unemployment rate decreased to 4.1%, the lowest level since February. Such results may influence the Fed's plans regarding interest rate cuts.
July Seasonality and Market Optimism
Analyst Daan Crypto Trades noted the importance of Bitcoin maintaining levels above $108K to avoid a downward trend. According to Matrixport, July has historically been a strong month for Bitcoin, with 7 out of the last 10 Julys closing positively and averaging a return of over 9.1%. This month may prove crucial ahead of another potential consolidation phase.
The spike in Binance's net taker volume, paired with the favorable jobs report and July's historical seasonality, could lead to volatility in the crypto market and potential price increases for Bitcoin.
