Yesterday, Bitcoin experienced a fairly strong correction down to around $109,400, but during today's Asian session, demand for the world's first cryptocurrency surged, allowing it to jump up to $111,600. Ethereum, on the other hand, did not see the same demand and continued to trade around $4,329 after yesterday's correction.

Today, the direction of the cryptocurrency market will be determined by US labor market data. Weak reports, including nonfarm payrolls and the unemployment rate, will push the Federal Reserve toward lowering interest rates, which will trigger active Bitcoin buying—even if only in the short term. This immediate reaction to expected monetary policy easing by the Fed will serve as a catalyst for the crypto market. Investors seeking higher returns in a low-rate environment will shift some capital into riskier assets, such as cryptocurrencies. However, keep in mind this could be only a temporary phenomenon driven by speculative sentiment.

Stronger-than-expected labor market data, on the other hand, would strengthen the dollar and increase the likelihood of the Fed holding rates steady. In this case, pressure on Bitcoin and other cryptocurrencies will increase, since the relative appeal of dollar-based assets will rise.

As you consider buying Bitcoin, the Bitcoin Treasures report reveals that public companies are already holding over 1,000,000 BTC on their balance sheets. This speaks volumes about the growing recognition of digital gold as a legitimate and valuable asset among institutional investors. A million bitcoins accumulated in corporate reserves is not just a number: it's a powerful signal to the market, underlining long-term confidence in cryptocurrency's potential. Including Bitcoin on public company balance sheets is a step taken with carefully considered strategies and strict regulatory compliance. Clearly, despite all the risks, public companies see Bitcoin as a way to diversify assets, hedge against inflation, and access new technologies and markets.

As for intraday strategy in the crypto market, I will continue to buy on major dips in Bitcoin and Ethereum, counting on the ongoing medium-term bull market, which hasn't gone anywhere.

For short-term trading, the strategy and conditions are described below.

Bitcoin

Buy Scenario

Scenario #1: Today, I will buy Bitcoin when the entry point reaches around $111,900, targeting a rise to $113,100. Around $113,100, I'll exit from buys and immediately sell on a pullback. Before buying on a breakout, make sure the 50-day moving average is below the current price and the Awesome Oscillator is above zero.

Scenario #2: Bitcoin can also be bought from the lower boundary at $111,300 if there is no strong market reaction to its breakout, with targets at $111,900 and $113,100.

Sell Scenario

Scenario #1: Today, I will sell Bitcoin when the entry point is at $111,300, targeting a drop to $110,100. Around $110,100, I'll exit my shorts and immediately buy on the rebound. Before selling on a breakout, make sure the 50-day moving average is above the current price and the Awesome Oscillator is below zero.

Scenario #2: Bitcoin can also be sold from the upper boundary at $111,900 if there is no strong market reaction to its breakout, targeting the levels at $111,300 and $110,100.

Buy Scenario

Scenario #1: Today, I will buy Ethereum if the entry point is at $4,357, targeting a rise to $4,451. Near $4,451, I'll exit buys and immediately sell on the pullback. Before buying on the breakout, make sure the 50-day moving average is below the current price and the Awesome Oscillator is above zero.

Scenario #2: Ethereum can also be bought from the lower boundary at $4,311 if there is no strong market reaction to its breakout, aiming for targets at $4,357 and $4,451.

Sell Scenario

Scenario #1: Today, I will sell Ethereum if the entry point is at $4,311, targeting a drop to $4,206. Around $4,206, I'll exit my shorts and immediately buy on the rebound. Before selling on the breakout, make sure the 50-day moving average is above the current price and the Awesome Oscillator is below zero.

Scenario #2: Ethereum can also be sold from the upper boundary at $4,357 if there is no strong market reaction to its breakout, aiming for the levels at $4,311 and $4,206.