BlockBeats News, July 3rd, BTC broke through the short-term downtrend line, currently trading at around 109,485 USDT, close to the resistance level of 110,348 USDT, with support below at 105,000 and 102,560. If this support holds, there is still upside potential. This trend is related to the disappointing ADP employment data released in the United States in June, with the market's expectation of a July rate cut increasing to 25.3%. Gold prices rose, the US dollar came under pressure, and cryptocurrencies strengthened simultaneously.
Bitunix analyst's suggestion:The weak ADP data supports the market's expectation of the Fed starting rate cuts, benefiting risk assets in the short term. If the price successfully holds above 110,348 USDT, it is expected to challenge the resistance level above 112,000; in case of a pullback, opportunities in the range of 106,000–105,000 should be monitored. It is recommended to pay attention to today's release of non-farm payrolls and initial jobless claims data for confirmation of the overall market direction.
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