Bitcoin Tops $62K on Weak US Jobs Data
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- Bitcoin passed $62,000 at Thursday's Wall Street open, hitting a new July high of $62,137 on Bitstamp and gaining nearly 4% on the day.
- BLS nonfarm payrolls data showed the US added just 57,000 jobs in June versus the 114,000 economists expected, with May's figure revised down by 43,000 jobs.
- Crypto short sellers were forced out as Bitcoin surged, with CoinGlass reporting nearly $450 million in 24-hour short liquidations.
- Analyst Michaël van de Poppe told X followers he doesn't expect another Bitcoin drop if price clearly breaks through $65,000, citing falling inflation expectations alongside rising unemployment.
- Rekt Capital projects a July relief rally for Bitcoin before bear-market momentum returns in August, warning the 50-month EMA likely flips back to resistance.
Why it matters: The June payrolls miss (57K vs. 114K expected) plus a 43K downward May revision gives the Fed extra reason to loosen policy — the exact catalyst crypto bulls need to sustain a relief rally. Rekt Capital's caveat tempers the optimism: this looks like a bear-market pause, not a reversal, with August downside and a 50-month EMA flip back to resistance still in play.
