Bitcoin tops $62K as weak US jobs spark rally

Bitcoin climbed above $62,000 at Thursday’s Wall Street open, reaching about $62,137 on Bitstamp. BTC/USD traded roughly 4% higher on the day around the US market open.

The Bureau of Labor Statistics reported the US added 57,000 nonfarm payrolls in June, below the 114,000 forecast. The unemployment rate held at 4.2% and the number of unemployed remained near 7.1 million. May payrolls were revised down by 43,000.

Traders reacted quickly after the jobs data. Order-book information showed aggressive bids pushing through large sell orders on exchanges. Data provider CoinGlass recorded nearly $450 million in 24-hour crypto short liquidations as the rally unfolded.

Trader Michaël van de Poppe wrote on X that lower inflation expectations alongside the jobs data provide public signals about market direction and added that a clear break above $65,000 would reduce the likelihood of another large drop in Bitcoin.

A market commentator using the handle Exitpump pointed to price action drilling through large asks on Binance perpetuals order books and commented, “Buyers are back and strong.”

Analyst Rekt Capital described the price increase as a potential July relief bounce and highlighted the 21-month and 50-month exponential moving averages as technical references. He noted that if Bitcoin fails to sustain gains and the 50-month EMA becomes resistance, bearish momentum could resume later in the cycle.

The Kobeissi Letter responded to the BLS release by saying the labor market “remains in a volatile situation,” a factor that could keep traders reactive to incoming data and Federal Reserve commentary.

Bitcoin and other digital assets have moved with macroeconomic data since the Federal Reserve began policy tightening in 2022. Stronger employment or inflation readings have supported higher rate expectations, while weaker data have coincided with reduced expectations for further rate increases and flows into risk assets including crypto.