Bitcoin experienced a significant price surge, reaching $108,000, following a notable decline in US employment data. Private-sector jobs in the US decreased by over 4% in June, marking the largest drop since March 2023. This unexpected downturn in employment data reinvigorated Bitcoin, leading to a rebound that began to liquidate numerous short positions from traders who had bet against the cryptocurrency. Data indicated that while layoffs are not widespread, hesitance in hiring has led to job losses. Analysts suggested that the weakness in the labor market heightened the likelihood of the Federal Reserve implementing interest-rate cuts sooner, which could enhance liquidity in cryptocurrencies like Bitcoin. Market sentiment remained optimistic, with BTC price movement triggering liquidations of shorts and emphasizing a potential upward trend. Despite some market commentators predicting new all-time highs for Bitcoin in July, a key resistance level exists at $108,000, which traders are closely monitoring for further price action adjustments.

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