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Published: 6 July 2026,08:15
Daily Market Analysis New
*Bitcoin rebounded toward US$64,000 as weaker US jobs data reduced Fed tightening expectations, boosting risk appetite across the crypto market.
*Lower Treasury yields, a softer USD, and renewed spot Bitcoin ETF inflows strengthened investor confidence and supported the recent crypto recovery.
*Bullish Bitcoin options positioning ahead of the FOMC minutes suggests traders are increasingly expecting further upside.
The cryptocurrency market has staged a notable recovery over the past several sessions, supported by improving macroeconomic conditions after weaker-than-expected US employment data reduced expectations of additional Federal Reserve tightening. Bitcoin rebounded from lows near US$58,300 to briefly trade just below US$64,000, triggering a substantial short squeeze that liquidated more than US$450 million in bearish positions across the derivatives market. Lower Treasury yields and a weaker US dollar have improved liquidity conditions for risk assets, while the return of net inflows into spot Bitcoin ETFs after an extended period of outflows has further boosted investor confidence.
Options positioning has also become increasingly constructive ahead of Wednesday’s release of the Federal Reserve’s June meeting minutes. Bitcoin options expiring on July 8 have turned heavily call-biased, with significantly more bullish call contracts than protective put positions, suggesting traders are positioning for additional upside if the Fed adopts a less hawkish tone. Glassnode analysts noted that declining demand for downside protection could indicate early signs of optimism returning to the options market, although lighter hedging also leaves Bitcoin vulnerable to increased volatility should the FOMC minutes reinforce expectations of tighter monetary policy. The key technical area remains around US$63,000, which coincides with the options market’s “max pain” level and could act as a near-term price magnet before the Fed event.
Beyond macroeconomic drivers, political developments have also drawn attention across the digital asset market. President Donald Trump disclosed earning more than US$1.4 billion from cryptocurrency-related businesses, including World Liberty Financial, stablecoin ventures, and his memecoin projects, while reaffirming his commitment to making the United States the global leader in digital assets. Although the disclosures have renewed debate over potential conflicts of interest, markets generally interpreted the administration’s continued pro-crypto stance as supportive for long-term industry growth. Meanwhile, broader market sentiment remains cautiously optimistic despite geopolitical tensions in the Middle East and continued concerns surrounding oil price volatility. While Ethereum, Solana and other major cryptocurrencies have joined Bitcoin’s rebound, analysts continue to monitor institutional ETF flows, stablecoin supply contraction, and this week’s Federal Reserve minutes for confirmation that the recent recovery can evolve into a more sustainable uptrend.
Technical Analysis
Bitcoin remains in a constructive uptrend after extending its recovery above the key 62,535 resistance level. Recent price action shows buyers maintaining control, with BTC breaking higher to challenge the 63,400 region while continuing to print higher highs and higher lows. The successful breakout above former resistance suggests bullish momentum remains intact, although price may experience short-term consolidation following the recent advance.
Momentum indicators continue to support the positive outlook. The Relative Strength Index (RSI) is holding near 66, indicating strong buying momentum while approaching overbought territory. Although the RSI suggests the rally has become somewhat stretched, it remains above its moving average, reflecting sustained bullish sentiment. Meanwhile, the MACD remains above the zero line, with the bullish crossover still intact. While the histogram has started to contract slightly, signaling that upside momentum is moderating, there are no clear signs of a bearish reversal at this stage.Overall, the short-term outlook remains bullish as Bitcoin continues to trade above key support levels with an improving price structure and positive momentum indicators.
Resistance Levels: 67,160.00, 75,190.00
Support Levels: 62,530.00, 60,470.00
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