Bitcoin squeezes shorts in $108K spike as US jobs drop most in 2 years

10 hours ago

Key points:

US private-sector jobs numbers declined much than 4% successful June — the biggest driblet since March 2023.
Bitcoin sees relief, gathering connected a rebound which has begun to trap precocious abbreviated positions.
$108,000 remains a near-term BTC terms absorption level.

Bitcoin (BTC) touched $108,000 astatine the July 2 Wall Street unfastened arsenic a large miss successful US employment sparked volatility.

Bitcoin rebounds amid US labour marketplace weakness

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD up 2% connected the time astatine the clip of writing.

Gains accompanied a astonishment retraction successful private-sector payrolls data, which came successful 33,000 little successful June to deed its lowest level since March 2023. Estimates from absorption steadfast Automatic Data Processing (ADP), which compiled the information successful its National Employment Report, had seen an summation of astir 100,000.

"Though layoffs proceed to beryllium rare, a hesitancy to prosecute and a reluctance to regenerate departing workers led to occupation losses past month," ADP main economist Nela Richardson commented successful an accompanying property release.

"Still, the slowdown successful hiring has yet to disrupt wage growth."

Ahead of US nonfarm payrolls data, owed for merchandise connected July 3, crypto marketplace commentators were optimistic. Labor marketplace weakness, they noted, accrued the likelihood of Federal Reserve interest-rate cuts coming sooner alternatively than aboriginal — a cardinal root of liquidity injections for Bitcoin, altcoins and hazard assets.

“Fed complaint cuts are becoming progressively apt successful July…,” Andre Dragosch, European Head of Research astatine crypto plus manager Bitwise, wrote successful portion of a effect connected X.

As Cointelegraph continues to report, Fed officials’ absorption to complaint cuts has spawned pushback from Washington, including from US President Donald Trump, who this week demanded that rates autumn to 1% oregon lower.

The latest information from CME Group’s FedWatch Tool shows marketplace sentiment unchanged by the ADP numbers, with the Fed’s September gathering inactive the favourite for the adjacent chopped being unveiled.

BTC terms passes cardinal level for “upward pull”

Among traders, attraction erstwhile again focused connected speech order-book liquidity.

The propulsion to $108,000, information from monitoring assets CoinGlass revealed, had begun to liquidate a ample unreality of abbreviated positions.

Before the event, fashionable X commentator TheKingfisher had described $108,000 arsenic 1 of respective “magnets” surrounding spot price.

“Below existent price, agelong liquidations are notably lighter until the 104000-105000 range, showcasing a wide imbalance. This setup implies a stronger upward propulsion if terms breaks supra 107k,” helium told X followers.

Popular expert Matthew Hyland described the week’s BTC terms action truthful acold arsenic a “liquidity grab,” with shorts present paying the price.

#BTC liquidity drawback and present shorts trapped: pic.twitter.com/pJj8tFtiFL

— Matthew Hyland (@MatthewHyland_) July 2, 2025

Despite increasing predictions of caller all-time highs coming successful July, $108,000 continues to relation arsenic a section resistance level for BTC/USD.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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