The cryptocurrency market is experiencing a strong rebound today, with Bitcoin (BTC) climbing above $109,000, marking a three-week high. According to CryptoRank.io and ABP Live, BTC is up 2.5% in the last 24 hours, trading at approximately $109,277.82, with a brief peak at $109,700. This surge has lifted the global crypto market capitalization by 0.2% to $3.37 trillion, despite a slight dip earlier in the week. Analysts attribute Bitcoin’s strength to positive market sentiment and macroeconomic developments, including the U.S. Senate’s approval of a $4.5 trillion spending bill, which, while lacking specific crypto provisions, reportedly included last-minute pushes for digital asset tax incentives.Technical analysis from Changelly.com indicates Bitcoin’s bullish trend is supported by rising 50-day and 200-day moving averages, with immediate resistance at $110,900 and support at $106,300. Most BTC holders are now in profit, which could lead to increased volatility, as noted by CryptoNews.com. Posts on X reflect strong retail and investor enthusiasm, with some users speculating about a potential breakout above $110,000 if regulatory clarity improves. However, traders remain cautious, as Bitcoin consolidates between $105,000 and $110,000, awaiting key events like the U.S. jobs report on July 4.
