Explore our full XRP forecast here for key breakout zones and timing insights.
Bitcoin Strikes $110 on US Jobs Report and Spot ETF Inflows
While XRP rallied on hopes of an SEC appeal withdrawal, an upbeat US Jobs Report drove demand for bitcoin (BTC) and the broader crypto market.
Nonfarm payrolls increased 147k in June after rising 144k in May. The unemployment rate unexpectedly fell from 4.2% to 4.1% after a fall in the participation rate, while wage growth slowed. Investors responded to the upbeat nonfarm payroll numbers despite the Jobs Report tempering Fed rate cut expectations.
According to the CME FedWatch Tool, the probability of a September Fed rate cut slid from 93.7% on July 2 to 67.2% on July 3.
BTC climbed to a July 3 session high of $110,591 in response to the report, reflecting investor relief about a resilient US labor market.
US BTC-Spot ETF Reports Strong Inflows on Upbeat Economic Backdrop
Signs of a resilient US labor market boosted demand for BTC-spot ETFs, a key driver of price trends. According to Farside Investors, key US BTC-spot ETF market flows for July 3 included:
- Fidelity Wise Origin Bitcoin Fund (FBTC) had net inflows of $237.1 million.
- ARK 21Shares Bitcoin ETF (ARKB) reported net inflows of $114.2 million.
- Bitwise Bitcoin ETF (BITB) saw net inflows of $115.5 million.
With BlackRock’s (BLK) iShares Bitcoin Trust (IBIT) flow data pending, total US BTC-spot ETF inflows reached $377.3 million, following Wednesday’s total net inflows of $407.8 million.
BTC Price Outlook: Trade Headlines and the Fed in Focus
BTC gained 0.74% on July 3, following Wednesday’s 2.93% rally, closing at $109,651.
The near-term price outlook hinges on several key developments, including US economic data, Fed monetary policy guidance, legislative news, trade headlines, and ETF flows.
Potential scenarios:
- Bearish Scenario: Renewed trade tensions, legislation roadblocks, hawkish Fed cues, strong US data, and ETF outflows. A combination of these may drag BTC toward the 50-day Exponential Moving Average (EMA), potentially exposing $100,000.
- Bullish Scenario: Trade deals, bipartisan support for crypto bills, dovish Fed signals, softer US data, and ETF inflows. Under these scenarios, BTC could retarget its all-time high of $111,917.
