Bitcoin stabilizes above $108,000, with traders following key macro data and Powell's speech.

Gate News bot news, Bitcoin is stable above $108,000, while Ethereum briefly broke through $2,500 over the weekend, and traders are preparing for the release of key macroeconomic data this week.

The cryptocurrency market seems to have recovered most of the losses caused by the Iran-Israel conflict, which had pushed the price of Bitcoin below $100,000.

Analysts have stated that traders will closely monitor several upcoming macroeconomic data releases, as well as the speeches of major central bank officials at the European Central Bank forum this week.

Federal Reserve Chairman Jerome Powell is expected to speak at a panel discussion at the European Central Bank forum on Tuesday, where the central bank governors of the UK, South Korea, and Japan will also be present. Although Powell told lawmakers last week that the Fed is in no hurry to lower interest rates, U.S. President Donald Trump accused Powell on Sunday of keeping rates "artificially high."

Peter Chung, the research director at Presto Research, stated that this week is "very important" as a series of labor market data is set to be released. This data includes the May job openings data from the U.S. Job Openings and Labor Turnover Survey, as well as the non-farm payroll numbers and unemployment rate data for June.

Chung stated: "Driven by favorable policies and mainstream adoption, the fundamentals of cryptocurrency have never been so strong this year. If these data points show weakness, expectations for interest rate cuts may strengthen, thereby pushing up the prices of risk assets including cryptocurrencies."

Investors are also关注ing the progress of tariff negotiations before the deadline on July 8th and 9th, as well as the movement of the dollar. Vincent Liu, Chief Information Officer of Kronos Research, stated: "The tariff negotiations before the July 8th deadline and the continued weakness of the dollar will remain a focus for the market this week."

"Cryptocurrency is on the rise, but market confidence may be tested. With the easing of macroeconomic conditions and a resurgence of risk appetite, market momentum is strengthening." He added that given the Bitcoin Fear and Greed Index reaching 66, market sentiment "looks optimistic," but a significant macro shift "could change the landscape."

Source: The Block