Bitcoin Nears All-Time High as Crypto Market Holds Steady Amid US Economic Strength

The crypto market maintained a calm yet exciting atmosphere on Thursday, with major assets like Bitcoin and Ethereum showing minimal price shifts but brimming with anticipation. Bitcoin, the market leader, is edging closer to its all-time high not seen since May 22, 2025 when it hit $112,000, fueling excitement among traders who see a potential breakthrough past this psychological barrier.

Positive U.S. labor market data lifted traditional markets, though rising Treasury yields tempered expectations for imminent Federal Reserve rate cuts. As investors navigate these dynamics, Bitcoin’s steady climb toward $109,800 and Ethereum’s hold above $2,636 signal a market poised for a pivotal moment.

Bitcoin gained 0.4% over the past 24 hours, trading near $109,800 after touching a daily high of $110,592. This modest uptick belies the growing momentum, as the leading cryptocurrency has risen from roughly $107,000 just a few days ago, inching toward its record peak. A break above this level could spark significant market enthusiasm, with traders eyeing the psychological milestone as a catalyst for broader adoption. Ethereum, trading above $2,636, remains range-bound but stable, while Solana’s climb to $156.39 reflects selective optimism for high-performing altcoins.

US Labor Data Fuels Market Optimism

Traditional markets rallied on the back of stronger-than-expected U.S. labor data, highlighting the economy’s resilience despite the Federal Reserve’s tightening measures. The Department of Labor reported 147,000 new non-farm jobs in June, exceeding the forecasted 110,000 and improving on May’s revised 144,000. The unemployment rate dropped to 4.1%, defying expectations of a rise to 4.3%, signaling robust labor market health. This data bolstered confidence in risk assets, including cryptocurrencies, as investors weighed the implications of sustained economic strength.

The Dow Jones Industrial Average climbed 75 points, a 0.17% gain, while the S&P 500 and Nasdaq advanced 0.38% and 0.62%, respectively. However, a spike in 10-year Treasury yields to 4.334% suggested investors are dialing back hopes for near-term rate cuts, tempering equity gains. Weekly jobless claims fell to 233,000, below the expected 240,000, with the four-week average dropping to 241,500, further reinforcing labor market stability. These figures indicate the Fed may keep rates at 4.25-4.5% for longer, a factor that could influence crypto market dynamics.

The excitement surrounding Bitcoin’s approach to its all-time high is palpable, even as the broader crypto market remains steady. A few days ago, Bitcoin traded around $107,000, and its gradual ascent reflects growing momentum that could propel it past its previous peak. This potential milestone is seen as a psychological turning point, likely to draw renewed attention from institutional and retail investors. The market’s ability to hold firm amid rising yields and shifting Fed expectations underscores a maturing asset class, with Bitcoin leading the charge.

Solana’s outperformance, reaching $156.39, highlights selective opportunities within the crypto space, particularly for projects gaining traction in decentralized finance and blockchain scalability. Ethereum’s sideways movement suggests traders are awaiting a catalyst, possibly tied to Bitcoin’s next move or further clarity on monetary policy. The interplay between macroeconomic strength and crypto market dynamics is critical, as prolonged higher rates could cap speculative investments, yet Bitcoin’s resilience suggests confidence in its long-term value proposition.