Bitcoin leapt more than 2% to retest the $108,000 zone after US private‐sector employment data missed forecasts in June. ADP reported a 33,000‐job decline—the largest drop since March 2023 versus the nearly 100,000 gain analysts expected—sparking a fresh wave of volatility across crypto markets.
Weak labor numbers have traders eyeing earlier Federal Reserve rate cuts, a key catalyst for risk assets like Bitcoin. That shift in sentiment fuelled a short squeeze, liquidating a significant cluster of bearish bets around the $107,000 mark and driving BTC toward its next resistance.
While on‐chain metrics show healthy accumulation by long‐term holders, market participants are also watching the 104,000–105,000 support zone for fresh entry opportunities. With FedWatch still pricing in a September rate cut and US nonfarm payrolls due soon, Bitcoin’s trajectory remains tethered to incoming economic data and central‐bank signals.
Stay tuned for more market updates and position yourself wisely on Binance.