Not Everyone Sees Manipulation: Analysts Point to US Jobs Data as the Real Driver

[bonk]

While many traders have labeled Bitcoin’s rapid rise to $94K as blatant manipulation, some analysts see a more grounded explanation. Darkfost, an on-chain researcher, pointed to strong US economic data released at the same time as the rally: JOLTS job openings beat expectations at 7.67M, and ADP employment flipped positive after weeks of decline.
Bitcoin jumped roughly 4% immediately after the data dropped, aligning with a broader risk-on response ahead of an expected Federal Reserve rate cut. As of late morning, BTC had eased back to around $92.5K, leaving markets divided over whether Tuesday’s spike was engineered—or simply macro-driven momentum.

[Rimon Khan]

Macro data often explains moves people blame on manipulation.

[Nahid Hossen]

Jobs numbers had enough impact to spark volatility on their own.