Cryptocurrency Market Enters Bullish Territory as Bitcoin Hits $65,000
The cryptocurrency market is on a bullish note as it heads into the new week, with Bitcoin reclaiming $65,000 and Ethereum approaching $2,000. The traditional markets are also posting strong gains, with the S&P 500 increasing by around 3.6% over the week and gold surging 7.5%, its strongest weekly performance since January.
The latest U.S. jobs report showed a weaker-than-expected employment data, pushing Treasury yields sharply lower and increasing expectations for potential Federal Reserve rate cuts later this year. This shift in rate expectations has been supportive not only for equities and precious metals but also for broader risk assets such as cryptocurrencies.
For Bitcoin to reach $67,000, it needs to hold above $65,000, which is currently a key area of support. A sustained move above this level could strengthen the short-term bullish structure and open the way toward the next resistance around $67,000. However, Bitcoin still faces overhead resistance, and its recent recovery needs confirmation through continued buying volume and higher highs before the move can be considered a stronger breakout.
Ethereum's price has reclaimed the $1,800-$1,820 support zone and is currently trading around $1,915, indicating that buyers have managed to hold the recent recovery. It now approaches an important short-term resistance at around $1,961, and a daily close above this level could provide the first confirmation that buyers are gaining control.
The setup remains cautiously bullish, but next week's inflation data could be the deciding factor in whether BTC and ETH extend their recovery or face another pullback. The crypto market heads into the new week with a constructive backdrop, supported by strength across traditional markets and precious metals.