Bitcoin nears $110K after breaking previous resistance, TIA leads altcoin gains

Bitcoin showed strength after struggling early on Wednesday, as it neared the $110,000 level after trading above $109,000 as market participants adopted a cautious stance, resulting in subdued trading activity. The total cryptocurrency market capitalisation hovered around $3.4 trillion, showing little directional bias. Bitcoin briefly retreated to $105,560 during early Asian hours after failing to clear resistance the previous day, while the Crypto Fear & Greed Index edged down to 63, still in the “Greed” zone but reflecting a slight dip in sentiment. Altcoins fared no better, with most managing to pull off modest single-digit gains as of late Asian trading hours on July 2. Why is Bitcoin stuck? Bitcoin powered past the previous resistance zone of $108,000 as the general market sentiment improved after US President Donald Trump announced a trade deal with Vietnam. The deal includes a 20% tariff on all imports from Vietnam to the US. Over the past seven days, Bitcoin has been stuck between a narrow trading range of $105,430 – $108,706 as traders awaited a potential catalyst to break the deadlock. Some of the caution was warranted, as a series of high-impact US economic data releases are scheduled this week, keeping risk appetite in check. The tone was set by the ADP private payrolls report released on Wednesday, which showed a surprise decline of 33,000 jobs in June, which marked the first monthly contraction in two years and sharply missed market expectations for a 90,000–100,000 gain. The weakness, particularly in services and professional sectors, raised concerns over the strength of the US labour market and added to fears of a broader economic slowdown. Bitcoin briefly spiked following the ADP print, pushing toward the upper end of its range near $108,000 as traders speculated on a more dovish Fed response. Investors are now bracing for the official non-farm payrolls data due on Thursday, which is expected to confirm the cooling trend in employment. Forecasts suggest around 110,000–120,000 new jobs added in June, with the unemployment rate seen ticking up to 4.3%. The market will also be watching the ISM services PMI and the release of the FOMC meeting minutes for further clues on the Fed’s policy direction. There’s also the looming July 9 deadline for the White House’s tariff decision, which could reintroduce volatility across risk assets if trade tensions escalate. Until there’s more clarity on the macro front, traders are likely to remain sidelined. Further weighing on sentiment, US spot Bitcoin ETFs ended a 15-day inflow streak on Tuesday with $342.2 million in net outflows. This marked the first sign of institutional pullback after over $4.7 billion poured in since June 9, and retail traders often view this as a bearish sign. Signs of fading risk appetite were also noticeable across derivatives markets, with the BTC Binance futures premiums falling to a 21-month low of 3.9% today. Will Bitcoin go up? Meanwhile, Bitcoin is currently trading at just 3.5% below its all-time high, which means the broader bullish structure remains intact. When looking at the Binance BTC/USDT liquidation heatmap, a significant cluster of liquidation interest remains concentrated just above the $105,000 level. Binance BTC/USDT liquidation heatmap. Source: Coinglass. To the upside, the heatmap shows a dense buildup of short liquidation levels between $107,800 and $109,000. As such, Bitcoin must decisively break and hold above $109,000 to unlock further upside and trigger a liquidation cascade that could fuel a breakout rally. In the meantime, on X, most market commentators were expecting a retest of all-time highs soon. See below. Crypto Caesar @CryptoCaesarTA · Follow $BTC – #Bitcoin : New all time highs soon in my opinion. 6:19 PM · Jul 2, 2025 351 Reply Copy link Read 21 replies However, some caution was also voiced by traders watching for potential deviation at the highs. According to pseudonymous analyst StefanB, if Bitcoin fails to maintain strength above $108,900, a level he marks as a key short-term pivot, the current rally could turn into a deviation. 4-hour BTC/USDT perpetual contract chart. Source: StefanB In that case, a rejection from this zone may set the stage for a deeper pullback, with downside targets extending toward $102,000 as liquidity below recent lows gets exposed. Altcoin market The total market cap of all altcoins rose 3.2% to $1.29 trillion over the past day. Meanwhile, the Altcoin Season Index at 22 means much of the action is limited to Bitcoin, which remains the dominant market force at the time. Large-cap altcoins like Ethereum (ETH), XRP (XRP), Solana (SOL), Tron (TRX), Dogecoin (DOGE), and Cardano (ADA) saw gains ranging between 1 and 5%. Meanwhile, Celestia, Sonic, and SPX6900 led gains, rising 6.6%, 6.1% and 5.5% respectively. See below: Source: CoinMarketCap Celestia: TIA printed modest gains late in the day after Celestia’s latest mainnet upgrade, Lotus, was successfully deployed on the Mocha testnet. The Lotus upgrade has reportedly improved the network’s interoperability and reduced inflation, both of which bode well when it comes to investor sentiment. Sonic: While no major catalysts could be identified at press time, gains for S seem to be supported by the launch of new merchandise in partnership with Formula 1 star Pierre Gasly. Sonic also announced the Sonic Summit 2025, a flagship ecosystem conference set to take place in Singapore from September 29 to 30, focused on protocol development, community building, and strategic partnerships. SPX6900: The popular memecoin, designed as a parody of the traditional S&P 500 index, jump-started a rally after Binance.US hinted that a potential listing could be on the cards. The post Bitcoin nears $110K after breaking previous resistance, TIA leads altcoin gains appeared first on Invezz

Source: Invezz