Bitcoin News: Bitcoin Bulls Defend $111K, But Daily Close Above $112K Is Key

Key Takeaways:Bitcoin dip buyers continue accumulating, but price must reclaim $112K to flip momentum bullish.Traders await Friday’s U.S. jobs report, a major macro driver for risk assets.CME FedWatch shows a 97.6% probability of a Fed rate cut in September.Dip Buyers Step In, But Resistance HoldsBitcoin (BTC) is holding near $111,320 after a volatile 24 hours in which price briefly rallied to $112,600 before sellers regained control in the Asian session. BTC slid to $109,329 early Thursday but has since stabilized, with on-chain and derivatives data showing active dip buying.Hyblock data confirms that both retail and institutional traders are accumulating BTC in spot markets, even as short-term traders continue to take profits near range highs.Macro Tension Ahead of Jobs DataMarkets remain on “pins and needles” ahead of Friday’s U.S. nonfarm payrolls (NFP) report. The August jobs release is expected to show around 80,000 new positions, but recent labor indicators have raised red flags:ADP private hiring data showed just 54,000 jobs added in August vs. 75,000 expected.The U.S. now has 7.24M unemployed people vs. 7.18M employed, underscoring labor market fragility.For Bitcoin traders, weaker jobs data could reinforce the case for Federal Reserve rate cuts, seen as bullish for risk assets.The CME FedWatch Tool currently prices in a 97.6% chance of a 25-basis-point cut at the September 17 FOMC meeting.Technical Setup: $112K DecisiveBTC remains locked between $109,000 and $111,200, with liquidation clusters suggesting heightened volatility around these levels. A decisive daily close above $112,000 remains the key bullish trigger to shift sentiment.Until then, traders remain cautious, with short-term resistance capping momentum while structural dip buying keeps downside limited.Bitcoin’s ability to reclaim $112K will likely hinge on Friday’s NFP report. A weaker-than-expected jobs figure could trigger a breakout higher, while an upside surprise may reinforce resistance and push BTC back toward the $109K–$110K range.