Bitcoin Hits New July High Above $62,000 As Weak US Jobs Data Boosts Rate Cut Bets

Bitcoin climbed to a new July high of $62,137 at Thursday’s Wall Street open, up nearly 4% on the day, after weaker than expected US employment data raised hopes for looser Federal Reserve policy.

The Bureau of Labor Statistics reported the US added just 57,000 jobs in June, well below the forecast of 114,000, while the unemployment rate held at 4.2%. May’s figures were also revised down by 43,000 jobs, with analysts describing the labor market as increasingly volatile.

Analysts See Room For Further Gains

Analysts pointed to easing inflation expectations and falling unemployment as strong signals for the market’s direction, saying a clean break above $65,000 could support continued upside. Other traders highlighted strength in order book data, noting aggressive buying activity on major exchanges.

Short Liquidations Add To Momentum

Nearly $450 million in crypto short positions were liquidated over 24 hours, according to CoinGlass data, adding fuel to the rally some traders have dubbed the start of “green July.” However, analyst Rekt Capital cautioned that the current move may be a temporary relief rally, pointing to historical chart patterns suggesting bearish momentum could return in August once resistance levels are tested.