Bitcoin recently focused on $111,000 amid mixed US unemployment data that failed to dampen the enthusiasm for risk assets like stocks. Initial jobless claims were reported at 227,000, lower than expected, while continuing claims rose above target by 13,000. Despite this uncertainty in the labor market, Bitcoin and stocks showed resilience, leading analysts to suggest a bullish market sentiment. Blacknox, a trading resource co-founder, noted that the market seems to celebrate good news while ignoring bad news, viewing the jobless figures as a potential fuel for Bitcoin’s momentum. Additionally, the lack of volatility and significant profit-taking activity at recent all-time highs suggests a buildup of positions in anticipation of a larger price movement. Onchain analytics from Glassnode indicated that profit realization was muted despite Bitcoin reaching new highs, with only $1 billion in profit-taking observed compared to $2.1 billion when Bitcoin first crossed $100K in December. This indicates the market may be poised for a larger move in the near future.

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