Will Bitcoin Explode Past $115K in July? Analysts Say All Eyes on June 6 Jobs Data

Bitcoin is trading on a razor’s edge this week, holding firm just above the $104,000 level as investors brace for the release of crucial U.S. jobs data on June 6. Analysts say the outcome could either propel Bitcoin to fresh all-time highs or trigger a short-term correction, making this economic indicator one of the most pivotal catalysts in crypto’s recent price action.

ETF Inflows and Market Momentum Signal Optimism

“Bitcoin is primed for another breakout,” said analysts at Bitfinex, who forecast a potential surge beyond $115,000 if macroeconomic conditions align in favor of risk assets. Their bullish case hinges on strong spot Bitcoin ETF inflows, which have continued to pour in throughout May.

According to Farside Investors, spot Bitcoin ETFs recorded over $5.24 billion in net inflows last month, showcasing rising institutional confidence. As U.S. regulatory clarity grows and interest in BTC-based investment products strengthens, this inflow is acting as a backbone for Bitcoin’s current consolidation.

Adding to the positive narrative, the Crypto Fear and Greed Index currently sits at 57, in the “Greed” zone, suggesting that investors are increasingly confident in the market’s direction.

All Eyes on the June 6 Jobs Report

However, a major test lies ahead. The U.S. Bureau of Labor Statistics will release its monthly non-farm payrolls data on Thursday. The data will offer clues about the health of the U.S. economy and, more importantly, whether the Federal Reserve might consider cutting interest rates sooner than expected.

“If the jobs data comes in weaker than anticipated, it will reinforce the idea that rate cuts are needed,” said James Butterfill, Head of Research at CoinShares. “That would likely weaken the U.S. dollar and push Bitcoin higher.”

Conversely, a strong report could diminish hopes for near-term easing. A robust labor market would likely delay any Fed pivot, thereby bolstering the dollar and reducing the appetite for riskier assets like cryptocurrencies.

Support and Resistance Levels to Watch

As of June 5, Bitcoin is priced at $104,696, according to CoinMarketCap. While the uptrend remains intact, BTC is struggling to reclaim the psychological level of $110,000.

Technical analysts warn of short-term resistance between $108,000 and $110,000, a zone repeatedly rejecting upward moves. On the downside, $100,000 remains a critical support level — a breach below this could invite further selling toward $95,000, where historical accumulation zones sit.

“We’re still in a bullish market structure,” said on-chain analyst Willy Woo. “But volatility will remain elevated until the macro fog clears.”

Bitcoin Price Forecast Table

Broader Market Impact and Altcoin Correlation

The result of the jobs report won’t just move Bitcoin; the ripple effects are expected across the entire crypto market.

Ethereum (ETH), currently trading at $2,608, has shown renewed strength following protocol upgrades. Altcoins like Solana (SOL), XRP, and Cardano (ADA) have also posted moderate gains, buoyed by overall market optimism. However, a hawkish Fed outlook could dampen altcoin momentum and redirect capital back to safer, large-cap assets like BTC.

Conclusion: A Macro Week That Could Set the Trend

The Bitcoin market once again proves that it doesn’t exist in a vacuum. Global monetary policy, economic data, and investor psychology are all converging at a critical juncture.

If the June 6 jobs report disappoints, it could be the final push BTC needs to clear $115,000 and spark renewed retail FOMO. If not, Bitcoin may retreat toward lower support levels as the market recalibrates.

Either way, what happens this week will shape the crypto narrative going into July, a month some analysts believe could deliver new all-time highs.

FAQs

What is driving Bitcoin’s recent price stability?

Bitcoin’s price has been supported by strong ETF inflows, institutional demand, and expectations of a Fed rate cut.

Why is the U.S. jobs report important for Bitcoin?

The jobs report influences Federal Reserve policy. Weak jobs data may lead to rate cuts, which typically boost risk assets like Bitcoin.

What happens if Bitcoin breaks below $100K?

A drop below $100K could trigger a short-term correction toward $95K, a historical support zone.

Glossary

ETF (Exchange-Traded Fund) – A financial product that tracks an asset (like Bitcoin) and is traded on traditional stock exchanges.

Non-Farm Payrolls – A monthly U.S. labor report indicating employment levels, excluding farm workers and a few other categories.

Fear and Greed Index – A sentiment indicator measuring whether the market is feeling overly fearful or greedy.

Support Level – A price level at which demand is strong enough to prevent further decline.

Resistance Level – A price level where selling pressure prevents further price increases.

Sources

fingerlakes1.com

cointelegraph.com

tradingview.com

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