Bitcoin traders are currently navigating a period of volatility with liquidity building above and below the current spot price as they anticipate a potential breakout. The focus is particularly on $107,500, regarded by analysts as a crucial threshold for bulls aiming for new all-time highs. Despite this, market conditions remain subdued with limited macroeconomic catalysts to trigger significant price movements. This was highlighted by trading firm QCP Capital, which noted Bitcoin’s ongoing rangebound activity due to light positioning and normalized skew, suggesting a lack of directional conviction. The upcoming nonfarm payroll numbers could spur volatility should they deviate from expectations, potentially influencing future market behavior.

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