Bitcoin (BTC) held its ground over the weekend, staying above $23K and even hitting $24K Monday morning, while many major altcoins also enjoyed modest price increases across the board. On Friday, the original cryptocurrency fell below $30K following surprisingly positive news from the US Department of Labour, which reported unexpectedly strong employment growth, with 528,000 new jobs added to their statistics. Many who believed that the world's largest economy was on the brink of a long-term recession or asset crash may have to hold their breath and wait for further indicators, such as the next CPI figures or confirmation about further interest rate hikes.

Meanwhile, Bitcoin and other digital assets have rallied amidst these positive economic indicators. This performance correlates with a broader trend in the global stock market, further demonstrating that cryptocurrency is no longer an outsider but part of the mainstream equities market economy.

BTC's monthly relative strength index (RSI) indicates a balance between buyers and sellers, with a potential bullish breakout above $24,600. Ethereum (ETH), the second-largest cryptocurrency by market cap, is trading at around $1,770, having gained about $100 over the weekend. Analysts have noted that ETH appears to be following a classic bullish reversal pattern, with a potential 10% rally predicted for August. Other major altcoins also enjoyed a boost in price, including Theta (THETA) and Avalanche (AVAX), up around 7% and 6%, respectively.

Market performance over the week will likely be affected by further global economic indicators as news starts to roll in. Keep an eye out for new figures related to inflation, interest rates, equities and crypto market activity.

StormGain Analytics Team
(crypto trading, exchange and storage platform)