The crypto markets are heading to close the weekly trade on a bullish note, with the Bitcoin price reclaiming $65,000 while Ethereum approaches $2,000. Interestingly, the traditional markets and the traditional asset, gold, are also posting strong weekly gains. With the new week ahead, price action around these key levels is expected to be extremely important. While $67,000 is back in focus for the BTC price and $2200 for the ETH price, the question arises whether the top 2 cryptos can make it to the range in the coming week.
Weekly Market Overview
Global markets ended the week on a strongly bullish note, with major asset classes posting notable gains. The S&P 500 gained around 3.6% over the week, while gold surged 7.5%, marking its strongest weekly performance since January. Silver also posted a strong weekly gain, extending the rally across precious metals and reinforcing the broader risk-on move across financial markets.
The major catalyst behind the rally was the latest U.S. jobs report, which showed the economy unexpectedly losing 23,000 jobs in July. The weaker-than-expected employment data pushed Treasury yields sharply lower and increased expectations for potential Federal Reserve rate cuts later this year. Lower yields supported both equities and precious metals, while the broader improvement in risk sentiment also helped lift crypto assets.
With the S&P 500, gold and silver all ending the week higher, the strength across traditional markets provides an important backdrop for crypto heading into the new week. However, the next major test will come from U.S. CPI and PPI inflation data, which could influence Treasury yields and determine whether the current bullish momentum can continue.
Bitcoin Price Analysis: Can BTC Reach $67,000?
Bitcoin price is trading around $65,000, gaining around 3.1% and recording its first weekly increase in three weeks. This level is now the first important area to watch. A sustained move above this level could strengthen the short-term bullish structure and open the way toward the next resistance around $67,000. However, Bitcoin still faces overhead resistance, and the recent recovery needs confirmation through continued buying volume and higher highs before the move can be considered a stronger breakout.
For the coming week, the key question is whether BTC can turn $65,000 into support. If buyers successfully defend this level following a breakout, the path toward $67,000 becomes increasingly plausible. Conversely, a rejection near $65,000, followed by a move back below that level, would weaken the bullish setup and increase the probability of a retest of lower support.
Key Levels to Watch
- Immediate support: $65,000
- Upside target: $67,000
- Bullish confirmation: Sustained trading above $65,000
- Bearish signal: Rejection and move back below $65,000
Ethereum Price Analysis: Can ETH Reach $2,200?
The ETH price has since reclaimed the $1,800–$1,820 support zone and is currently trading around $1,915, indicating that buyers have managed to hold the recent recovery. It is now approaching an important short-term resistance at around $1,961, & a daily close above this level could provide the first confirmation that buyers are gaining control. This could potentially open the way toward the next major resistance zone around $2,130–$2,160.
The $2,200 target therefore remains possible, but ETH has several technical hurdles to clear first. The $2,130–$2,160 zone is particularly important because it previously acted as a major area of resistance. A decisive breakout above this zone could strengthen the bullish structure and bring $2,200 into focus. On the downside, $1,800–$1,820 remains the key support zone. As long as ETH continues to hold above this area, the recovery structure remains intact.
Key Levels to Watch
- Current price: ~$1,916
- Immediate resistance: $1,961
- Key support: $1,800–$1,820
- Major resistance: $2,130–$2,160
- Target: $2,200
What to Expect in the Upcoming Week?
The crypto market heads into the new week with a constructive backdrop, supported by strength across traditional markets and precious metals. The S&P 500 gained around 3.8%, while gold surged 7.5% over the week, as weaker-than-expected U.S. jobs data pushed Treasury yields lower and revived expectations of potential Fed rate cuts. This shift in rate expectations has been supportive not only for equities and precious metals but also for broader risk assets such as cryptocurrencies.
The next major test will come from the U.S. CPI and PPI reports, which could determine whether this momentum continues. If inflation remains contained, lower yields and expectations of a more accommodative Fed could keep the bullish sentiment intact across stocks, gold, silver and crypto. However, a hotter-than-expected inflation reading could reverse the recent decline in yields and trigger profit-taking across these markets.
From a technical perspective, Bitcoin’s ability to hold above $65,000 keeps the path toward $67,000 open, while Ethereum’s recovery above the $1,800–$1,820 support zone puts $2,200 within sight if it can clear the resistance levels highlighted in the chart. Overall, the setup remains cautiously bullish, but next week’s inflation data could be the deciding factor in whether BTC and ETH extend their recovery or face another pullback.
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