The cryptocurrency market showed steady performance on Thursday, with traders assessing position allocations while digesting positive macroeconomic data. Major assets maintained narrow price fluctuations.
Market Overview
- Bitcoin (BTC): Rose 0.4% in the past 24 hours (CoinGecko), trading near $109,800**, briefly touching **$110,590.
- Ethereum (ETH): Climbed above $2,590 after consolidation, though uncertainty remains.
- Top 100 Cryptocurrencies: Most saw single-digit volatility, except Solana-based meme coin BONK, which surged 10%.
👉 Explore crypto market trends
Traditional Markets
Strong U.S. labor data boosted equities:
- Nonfarm payrolls: 147K jobs added (June), exceeding forecasts.
- Unemployment rate: Dropped to 4.1%, signaling economic resilience.
- Stock indices: Nasdaq led gains (+0.62%), while 10-year Treasury yields hit 4.334%, cooling rate-cut expectations.
Bitcoin (BTC) Analysis: Renewed Bullish Momentum?
Current Price: $109,781
Key Technical Indicators:
- RSI at 60: Healthy bullish momentum (70+ = overbought).
- ADX at 12: Consolidation phase, suggesting impending volatility.
- EMA alignment: 50-day EMA above 200-day EMA = long-term bullish structure.
- Squeeze Momentum Indicator: "On" – hints at explosive price movement.
Critical Levels:
| Level | Price | Type |
|---|---|---|
| Immediate Support | $108,000 | Psychological |
| Strong Support | $104,000 | 50-day EMA |
| Direct Resistance | $110,000 | Psychological |
| Strong Resistance | $112,000 | Cycle High |
Ethereum (ETH): Can Technical Barriers Be Overcome?
Current Price: $2,592
Key Observations:
- RSI at 57: Neutral, potential upward groundwork.
- Death Cross: 50-day EMA below 200-day EMA – but buyers are emerging.
- Squeeze Momentum: "On," signaling possible volatility expansion.
Critical Levels:
| Level | Price | Type |
|---|---|---|
| Immediate Support | $2,500 | Psychological |
| Strong Support | $2,400 | Recent Low |
| Direct Resistance | $2,700 | 50-day EMA |
| Strong Resistance | $2,900 | 200-day EMA |
FAQs
1. What’s driving Bitcoin’s bullish momentum?
Macroeconomic resilience and technical breakouts (e.g., RSI stability, EMA alignment) are key factors.
2. Is Ethereum’s "Death Cross" a sell signal?
Not necessarily. Current price action suggests accumulation; watch for reversal confirmation.
3. How do U.S. Treasury yields impact crypto?
Higher yields may delay Fed rate cuts, temporarily dampening risk-asset rallies but not reversing long-term crypto adoption.
4. Why is BONK outperforming?
Meme coins often exhibit volatility due to speculative trading; sector-specific trends may apply.
5. When could BTC test $112,000?
A sustained close above $110,000 with rising volume could trigger this move within days.
6. What’s the next catalyst for ETH?
Spot ETF approvals or layer-2 adoption milestones could reignite institutional interest.