Bitcoin Surges 2.5% as ADP Data Fuels Rate Cut Hopes

Bitcoin (BTC) has recently shown signs of strength, breaking through its short-term downtrend line and currently trading around 109,485 USDT. This upward movement is nearing a significant resistance level at 110,348 USDT, with support levels identified at 105,000 and 102,560 USDT. If these support levels hold, there remains potential for further gains.

The recent surge in BTC's price is closely tied to the disappointing ADP employment data released in the United States for June. This data has led to an increased market expectation of a July rate cut, currently standing at 25.3%. The impact of this economic indicator has been multifaceted, with gold prices rising, the US dollar coming under pressure, and cryptocurrencies experiencing a simultaneous strengthening.

According to a Bitunix analyst, the weak ADP data supports the market's expectation of the Federal Reserve initiating rate cuts. This development is seen as beneficial for risk assets in the short term. If BTC's price successfully holds above the 110,348 USDT resistance level, it is expected to challenge the next resistance level above 112,000 USDT. In the event of a pullback, monitoring opportunities in the range of 106,000–105,000 USDT is recommended. The analyst also advises paying close attention to today's release of non-farm payrolls and initial jobless claims data for further confirmation of the overall market direction.