Bitcoin Bullish Again? Potential All-Time High in Sight: Analysis
The crypto market is stable, with Bitcoin up 0.4% at approximately $109,800 and Ethereum slightly higher at $2,592. Most top 100 cryptocurrencies experienced minor fluctuations, except for Solana's Bonk, which surged 10%. Positive U.S. labor data showed 147,000 new jobs in June and a drop in unemployment to 4.1%, boosting traditional markets. The Dow rose 75 points, the S&P 500 increased by 0.38%, and the Nasdaq gained 0.62%. However, rising 10-year Treasury yields indicate reduced expectations for rate cuts. Bitcoin's price movement suggests consolidation near recent highs, with an RSI of 60 indicating bullish momentum. The ADX at 12 signals a weak trend, suggesting potential for significant price movement. Ethereum's RSI at 57 indicates a neutral market, while a "death cross" formation raises concerns despite today's price action showing buyer interest. Both cryptocurrencies exhibit signs of volatility compression, indicating possible upcoming price movements.
