According to @KobeissiLetter, ADP’s high-frequency weekly data show US private employers cut an average of -11,250 jobs per week in the four weeks ending October 25, totaling -45,000 and marking the second-largest four-week drop since 2020 (source: ADP weekly data via @KobeissiLetter). This contrasts with ADP’s monthly October report indicating +42,000 private payroll gains after declines in the prior two months (source: ADP monthly via @KobeissiLetter). Goldman Sachs estimates overall October payrolls fell by -50,000, highlighting a softer labor impulse than the ADP monthly print suggests (source: Goldman Sachs via @KobeissiLetter). The Kobeissi Letter characterizes the trend as accelerating downward momentum in the US job market, a macro signal closely monitored by risk-asset traders, including those in BTC and ETH, for liquidity and rate-path cues (source: @KobeissiLetter).

According to @CryptoMichNL, Bitcoin is seeing a classic correction with price still below the 20-EMA, and unless the session closes back above that moving average, he intends to max long the next dip. source: @CryptoMichNL on X, Sep 9, 2025 He states the catalyst is uncertain, noting headlines out of Qatar and recent jobs data as possibilities but without confirmation. source: @CryptoMichNL on X, Sep 9, 2025 He frames the 20-EMA close as the actionable trigger for short-term bias, with a reclaim signaling strength and continued rejection setting up the next-dip long plan. source: @CryptoMichNL on X, Sep 9, 2025 No specific price targets, timeframes, or risk parameters were disclosed. source: @CryptoMichNL on X, Sep 9, 2025

According to QCPgroup, Bitcoin (BTC) continued its downturn for a third consecutive week, briefly dipping below 112k and resulting in over $1 billion in liquidated leveraged long positions since Friday. The sharp decline was driven by a broader risk-off sentiment in the markets, triggered by weaker US jobs data and the introduction of new tariffs, increasing volatility and caution among crypto traders. This heightened selling pressure has significant implications for BTC trading strategy and risk management in the current macroeconomic environment. Source: QCPgroup.