Bitcoin BTCUSD After Wall Street opened on December 6, the price moved back toward $100,000 as markets recovered from another flash crash.

Bitcoin leaves a decline of $92,000

Data from Cointelegraph Markets Pro and TradingView showed BTC price increasing by 2.7% on the day.

Market volatility increased slightly after a cooling period that followed a drop from $10,000 over a single hourly candle.

“Despite tremendous volatility… Bitcoin respects textbook TA principles with a daily close followed by a retest of the top of the main triangular market structure,” summarized popular trader and analyst Rekt Capital in its latest X analysis.

“And the retest after the outbreak has been successful so far.”

An accompanying chart showed a so-called “Darth Maul” candle on daily timeframes, with both long and short traders liquidating $900 million in 24 hours.

Fellow trader Daan Crypto Trades reacted unimpressed.

“Nearly $4 billion worth of open interest was wiped out of the market yesterday. This happened on BTC alone. ETH lost almost $1.5 billion but ended up holding up better,” he noted.

“These types of flushes are fairly normal in a bull market and will become more common. This is the only way we can continue.”

Caleb Franzen, creator of the financial research resource Cubic Analytics, was no less optimistic.

“Bitcoin could have its highest daily close ever today,” he told X Followers.

“That doesn’t happen during a bear market.”

Markets are sticking with the Fed’s rate cut bets

The BTC price rally was supported on the day by reassuring macroeconomic data from the US.

Nonfarm payrolls (NFP) figures showed weakening labor market strength and market expectations of a rate cut by the Federal Reserve in December rose as a result.

Data from CME Group’s FedWatch tool puts the probability of a 0.25% rate cut at the Fed’s Dec. 18 meeting at nearly 89% at the time of writing. A week earlier they were at 68%.

“At the same time, employment was revised upward by 56,000 jobs in September and October,” confirmed trade source The Kobeissi Letter.

“The number of mixed signals in the labor market data is alarming. The job market is weaker than it seems.”

This article does not contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their own research when making their decision.