Bitcoin has broken above the $110,000 threshold, driven by bullish technical signals and reinforced by stronger-than-expected U.S. labor market data. Its Relative Strength Index (RSI) of 60 indicates healthy bullish momentum, while the ADX reading of 12 suggests a potential breakout is underway.
Ethereum continues to consolidate above $2,590, displaying resilience despite facing a bearish ‘death cross’ chart pattern. With an RSI of 57 and ADX at 12, Ethereum exhibits mixed signals but lacks a strong directional trend.
Positive U.S. employment figures, showing 147,000 new jobs added and unemployment falling to 4.1%, have bolstered market confidence in cryptocurrencies. However, caution prevails as rising Treasury yields moderate overall enthusiasm.
Key technical levels highlight Bitcoin support at $104,000, aligned with the 50-day exponential moving average, and resistance near $112,000. Ethereum finds support around $2,400, with resistance testing $2,700 and $2,900.
The market appears poised for heightened volatility heading into the Fourth of July holiday period, with traders closely tracking macroeconomic events and technical indicators for trading signals.