Non-farm employment is strong, the S&P continues to hit new highs, 10x Research: Bitcoin challenges 116K at the end of the month.

Strong employment data eased concerns about an economic slowdown, with US stocks rising sharply on Thursday (7/3), and both the S&P and Nasdaq reaching new highs. Bitcoin surged to 110,529 dollars last night, just a step away from its all-time high. Markus Thielen, head of research at 10x Research, stated that with three macroeconomic factors turning favorable for BTC, Bitcoin could climb to 116K by the end of this month.

The June jobs report is strong, and the S&P index hits a new high.

The US Bureau of Labor Statistics announced on Thursday that non-farm payrolls increased by 147,000 in June, surpassing the Dow Jones economists' forecast of 110,000, while the May figure was revised up to 144,000. The unemployment rate fell to 4.1%, below the expected 4.3%.

Jeff Schulze of ClearBridge Investments stated, "The strong jobs report in June confirms that the labor market remains robust and eliminates the possibility of a rate cut in July. The wage-price spiral should not be a short-term concern, as it will lead to a Goldilocks scenario."

The S&P rose 0.83% on Thursday, the Nasdaq climbed 1.02%, marking a new high for the third time this week. The Dow closed up 344.11 points, finishing at 44,828.53 points, just a stone's throw away from its all-time high.

The U.S. stock market is closed on Friday for Independence Day.

The grand and beautiful bill narrowly passed.

Investors are also paying attention to the progress of Trump's big and beautiful plan. The House of Representatives passed the Senate version of the bill on Thursday with a narrow margin of 218 votes in favor and 214 votes against, and it will be formally sent to Trump for signing, expected to be signed into law on July 4th, Independence Day.

Bitcoin surged to 110K, 10x Research: challenging 116K by the end of the month

Bitcoin surged to $110,529 last night, just a step away from its all-time high. Markus Thielen, head of research at 10x Research, stated that with three macroeconomic factors turning favorable for the asset, Bitcoin could climb to $116,000 by the end of this month.

Bitcoin is testing the top of its consolidation range, just as a perfect storm of macro catalysts begins to form. He pointed out the following three factors that may drive the price of Bitcoin:

Spot Bitcoin Exchange Traded Fund ( ETF ) Strong Inflow Growth

Trump may appoint a new Federal Reserve chairman in advance and advocate for a more accommodative monetary policy.

The rapid decline in Bitcoin supply from cryptocurrency exchanges.

The supply balance of Bitcoin on exchanges has been declining for 98 consecutive days, the longest drop since 2020. Historically, sustained outflows from exchanges indicate rising scarcity. If this pattern continues, Bitcoin may lay the groundwork for another breakout.

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