Bitcoin Tops $62K as Weak US Jobs Data Boosts Rate-Cut Hopes
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- Bitcoin hit new July highs of $62,137 on Bitstamp at Thursday's Wall Street open, up nearly 4% in 24 hours, per TradingView data.
- US nonfarm payrolls for June came in at 57,000 against expectations of 114,000, with unemployment ticking to 4.2% and 7.1 million people unemployed per the BLS.
- May's jobs number was revised down by an additional 43,000, according to The Kobeissi Letter, which called the labor market 'volatile.'
- Crypto short liquidations topped roughly $450 million over 24 hours as the rally forced bearish bets out, per CoinGlass data.
- Michaël van de Poppe told X followers Bitcoin likely won't see another drop if it clearly breaks through $65,000, citing falling inflation expectations and rising unemployment.
- Rekt Capital framed the move as a 'green July' relief rally, warning on X that once Bitcoin turns the 50-month EMA into resistance, 'Bearish Acceleration' will likely resume in August.
- Exitpump pointed to Binance perp order-book data showing buyers 'drilling through large asks' with chasing bids behind them, calling buyers 'back and strong.'
Why it matters: Traders are treating a sharply weaker-than-expected June jobs print (57,000 vs. 114,000 forecast) as fuel for risk assets, with nearly $450 million in short liquidations accelerating Bitcoin's run past $62,000 — but Rekt Capital's caveat that this is a relief rally setting up August bearish re-acceleration at the 50-month EMA suggests the bullish framing has a built-in expiration date.
