The cryptocurrency market remained relatively calm on Thursday, with most top assets trading sideways as investors processed upbeat U.S. labor data and considered where to shift their capital.
Bitcoin (BTC) edged up 0.4% in the last 24 hours, hovering near $109,800 after hitting an intraday high of $110,590, according to CoinGecko. Ethereum (ETH) also saw slight gains, trading above $2,590, though uncertainty lingers as its price trend remains flat.
Among the top 100 cryptocurrencies, Bonk (BONK)—a meme coin on the Solana blockchain—stood out with a 10% jump, while the rest of the market showed modest single-digit changes.
Equity markets saw modest gains following a better-than-expected U.S. jobs report. The Department of Labor announced 147,000 new non-farm jobs in June, significantly beating the forecast of 110,000 and exceeding May’s revised figure of 144,000. The unemployment rate also dipped to 4.1%, defying projections of an increase to 4.3%.
Major indices responded positively:
However, a jump in 10-year Treasury yields to 4.334% suggested investors are less confident about near-term rate cuts. Meanwhile, weekly jobless claims fell to 233,000, beating expectations and further reinforcing the idea that the Federal Reserve may keep interest rates elevated for longer.
Bitcoin’s modest gain to $109,781 suggests a stable, if cautious, bullish trend. The price is consolidating near its recent highs, with technical indicators showing a market in equilibrium.
Technically, Bitcoin is breaking out of a mild bearish channel, hinting at potential upward movement, though not yet strong enough to declare a bullish trend.
The exponential moving averages (EMAs) also provide a positive long-term outlook. The 50-day EMA is above the 200-day EMA, a classic bullish signal showing sustained buying interest.
Another key indicator, the Squeeze Momentum Indicator, is currently "On," meaning volatility is tightening. This "coiling" of price action often leads to sharp moves in either direction when the squeeze releases.
Bitcoin appears to be in a holding pattern, with low volatility and no clear trend dominance. However, tightening technical indicators suggest that a significant breakout—either bullish or bearish—may be imminent.
Traders are watching closely as the market gears up for its next move, with broader macroeconomic signals continuing to shape crypto sentiment.
July 2025, Cryptoniteuae