Bitunix Analyst: ADP data surprises, expectations for The Federal Reserve (FED) rate cuts rise, BTC is poised to challenge the 112,000 mark.

According to Mars Finance, on July 3, BTC broke through the short-term downtrend line, currently priced at about 109,485 USDT, close to the resistance level of 110,348 USDT, with the support level below at 105,000 and 102,560. If it can hold above, it still has upside potential. This trend is related to the poor ADP employment data released in June in the United States, with market expectations for a rate cut in July raised to 25.3%. Gold prices rose, and the dollar was under pressure, while encryption assets strengthened simultaneously. Bitunix analysts suggest: The weak ADP data supports market expectations for The Federal Reserve (FED) to start cutting rates, which is bullish for risk assets in the short term. If the price successfully holds above 110,348 USDT, it is expected to challenge the resistance level above 112,000; if a pullback occurs, opportunities in the range of 106,000–105,000 can be noted. It is recommended to pay attention to today’s non-farm employment and initial unemployment claims data for confirmation of the overall market direction.