New York, NY – Bitcoin’s price saw a notable increase on Thursday, reacting positively to stronger-than-expected U.S. employment data that suggested continued economic resilience. The leading cryptocurrency gained 0.4% to trade near $109,800 after briefly surpassing $110,500, as both crypto and traditional markets processed the latest signals on the health of the American economy.
The U.S. Department of Labor reported the creation of 147,000 new non-farm jobs in June, significantly outpacing the 110,000 that economists had forecast. This figure also marked an increase from May’s revised total of 144,000. In a further sign of labor market strength, the national unemployment rate fell to 4.1%, defying expectations that it would rise to 4.3%.
This robust economic news prompted a rally in traditional stock markets. The Dow Jones Industrial Average rose by 75 points, while the S&P 500 climbed 0.38% and the tech-heavy Nasdaq led the gains with a 0.62% increase. However, a corresponding spike in 10-year Treasury yields to 4.334% indicated that investors now see a lower probability of imminent interest rate cuts from the Federal Reserve.
For Bitcoin, the price movement broke the resistance of a bearish channel that had been in place for the last 39 days. Technical indicators suggest a mixed but cautiously optimistic outlook. A key momentum gauge, the Relative Strength Index (RSI), stands at 60, a level that suggests healthy buying interest without indicating the market is overextended or “overbought.”
However, another metric, the Average Directional Index (ADX), which measures trend strength, remains low at 12. Readings below 20 typically signal a weak trend or a market in a consolidation phase. This suggests that while sentiment is positive, neither buyers nor sellers have established decisive control, which can often precede a more significant price breakout.
Other cryptocurrencies also reacted, with Ethereum climbing above $2,590. Despite the gain, Ethereum’s technical chart shows a “death cross,” a typically bearish signal where its short-term 50-day average price is below its long-term 200-day average. This indicates that recent selling pressure has been dominant, though Thursday’s buying activity challenges that trend.
Among other digital assets, the Solana-based meme coin Bonk was a standout performer, rising by 10% over the past 24 hours to become the top gainer among the 100 largest cryptocurrencies.
