Bitcoin experienced a significant rebound, climbing approximately 2%, following concerning US private-sector employment data. The latest figures reveal a decline of 33,000 jobs in June, marking the steepest drop since March 2023.
The unexpectedly weak labor market data fueled speculation that the Federal Reserve might consider interest rate cuts sooner than anticipated. Such easing measures are widely viewed as potentially boosting demand for alternative assets like Bitcoin.
Technical analysis highlights $108,000 as a crucial resistance level for Bitcoin’s price trajectory. A decisive breach above this threshold could trigger intensified bullish momentum, attracting further buying interest.
Market analysts characterize recent Bitcoin price fluctuations as a ‘liquidity grab,’ where sharp moves target clustered short positions, amplifying market volatility and forcing traders to cover.
The complex interplay between soft macroeconomic indicators and key technical resistance levels contributes to a highly dynamic and volatile trading environment for the flagship cryptocurrency.