Crypto Markets End Week on Bullish Note, Targets $67K and $2.2K

The crypto markets are on track to close the week in positive territory, with Bitcoin reclaiming $65,000 and Ethereum nearing $2,000. The strong weekly gains across traditional markets, including a 3.6% increase for the S&P 500 and a 7.5% surge in gold prices, have contributed to this bullish sentiment.

The recent U.S. jobs report showed an unexpected loss of 23,000 jobs in July, which pushed Treasury yields lower and increased expectations for potential Federal Reserve rate cuts later this year. This shift has been supportive not only for equities and precious metals but also for cryptocurrencies.

For Bitcoin to reach $67,000, it needs to sustain trading above the current resistance level of $65,000. If buyers successfully defend this level, the path toward the target becomes increasingly plausible. Conversely, a rejection near $65,000 could weaken the bullish setup and increase the probability of a retest of lower support.

Ethereum's recovery above the $1,800-$1,820 support zone has put it in position to clear the resistance levels around $2,130-$2,160. A decisive breakout above this zone could strengthen the bullish structure and bring $2,200 into focus. However, Ethereum still faces technical hurdles before reaching its target.

The upcoming week will be crucial for determining whether the current momentum continues. The next major test will come from U.S. CPI and PPI inflation data, which could influence Treasury yields and determine whether this momentum can continue or reverse.