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Crypto market update: Macroeconomic favourable information being digested, subtle changes in BTC/ETH technicals.
Market Overview: Sideways Consolidation, Waiting for Direction The cryptocurrency market was relatively calm on Thursday, with minor price fluctuations in major coins. Traders are digesting the strong U.S. employment data and assessing their positioning strategies. Bitcoin (BTC today’s market) dipped 0.6%, currently reported at $108,840 (Gate market data), briefly touching $110,590 during the day. Ethereum (ETH latest price) slightly rose above $2,590, but the sideways price movement leaves the direction unclear. Except for Solana ecosystem meme coin Bonk (which surged 10%), the daily price fluctuations of the top 100 cryptocurrencies were mostly in single digits.
Traditional Market Boost: Strong Employment, Diminishing Rate Cut Expectations According to data from the U.S. Department of Labor, non-farm payrolls increased by 147,000 in June, far exceeding the expected 110,000 and the revised 144,000 for May. The unemployment rate fell to 4.1% (expected to rise to 4.3%), indicating economic resilience. Driven by this, traditional markets rose: the Dow Jones increased by 0.17%, the S&P 500 rose by 0.38%, and the Nasdaq led with a gain of 0.62%. However, the yield on 10-year U.S. Treasury bonds jumped to 4.334%, indicating that investors believe the likelihood of the Federal Reserve lowering interest rates in the near term has decreased, which suppressed stock market gains. At the same time, initial jobless claims fell to 233,000 last week (expected 240,000), and the four-week average dropped to 241,500, further confirming the strength of the labor market. Traders are betting that the Federal Reserve will maintain interest rates in the 4.25-4.5% range for a longer period.
Bitcoin (BTC) Technical Analysis: Attempting to Regain Uptrend, Key Resistance Yet to be Broken
The current price of Bitcoin is $109,781, with a moderate daily increase, not a strong rise. After a brief breakout above $110,500, the Bitcoin price trend is currently consolidating near recent highs. It is noteworthy that although today’s increase is small, it has successfully broken through the resistance level of the bearish channel (yellow line) formed over the past 39 days (since the day it reached the historical high of $111,814).
In summary: The current slight breakthrough has weakened some bearish pressure, but it is not enough to confirm a short-term bullish outlook. The market is in a delicate balance, and cryptocurrency technical indicators suggest that significant volatility may occur in the near future, with the direction yet to be determined.
Key Price Level (BTC/USD):
Ethereum (ETH) Technical Analysis: Upward resistance in reverse technology, waiting for a breakout signal
Ethereum’s current price is $2,592, with a slight increase during the day. It rebounded strongly from a daily low of $2,374 yesterday.
Key Price Level (ETH/USD):