Bitcoin Holds Above $108K as Traders Eye Powell and Key U.S. Data

Bitcoin remained steady above the $108,000 mark heading into a pivotal week filled with major macroeconomic data releases and high-stakes commentary from global central bankers. Meanwhile, Ether briefly surged past $2,500 over the weekend before paring back slightly.

At the time of writing, Bitcoin is up 1% over the past 24 hours, trading around $108,423, while Ether rose 2.8% to trade at $2,499, according to The Block’s price data. The broader cryptocurrency market appears to have bounced back from recent lows, particularly following the decline caused by the Iran-Israel geopolitical tensions, which had temporarily pushed BTC below the $100,000 threshold.

Markets Await Key Economic Indicators and Central Bank Insights

Crypto traders and macro watchers alike are gearing up for a flurry of economic indicators this week. Federal Reserve Chair Jerome Powell is scheduled to speak Tuesday at a panel during the European Central Bank (ECB) forum, where he will appear alongside central bank governors from the UK, South Korea, and Japan.

While Powell reiterated last week that the Fed is in no hurry to slash interest rates, former U.S. President Donald Trump criticized him over the weekend, claiming he’s keeping rates “artificially high.”

“This week will be important,” said Peter Chung, Head of Research at Presto Research, citing the release of key U.S. labor data, including the May Job Openings and Labor Turnover Survey (JOLTS), June nonfarm payrolls, and the unemployment rate.

Chung emphasized that crypto fundamentals remain solid in 2025, underpinned by strong policy support and mainstream adoption. If the economic data suggests weakness, expectations for a rate cut could intensify—potentially driving risk assets, including crypto, even higher.

Tariff Talks and Dollar Movements Also in Focus

Beyond the labor market, traders are keeping an eye on tariff negotiations, especially as the July 8–9 deadline looms. Simultaneously, continued U.S. dollar weakness is seen as another major catalyst.

“Tariff talks ahead of the July 8 deadline and continued dollar weakness will keep markets’ attention this week,” said Vincent Liu, CIO at Kronos Research.

Liu also noted that while crypto is rallying, market conviction remains fragile. He added, “Momentum builds as macro winds ease and risk appetite returns,” but warned that a single major macro shift could quickly "reset the board."

Currently, the Bitcoin Fear & Greed Index sits at 66, indicating elevated investor sentiment—a level that typically suggests bullish momentum but also caution in case of surprises.

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