Bitcoin Rises Toward $62,000 After Weak U.S. Jobs Data
Weak U.S. jobs data raised hopes for Fed rate cuts and triggered a squeeze in crypto shorts. Spot Bitcoin ETFs also posted another round of outflows.
Key Takeaways
- Bitcoin climbed to nearly $62,000 after weak U.S. jobs data lifted expectations for Federal Reserve rate cuts.
- Roughly $450 million in crypto short positions were liquidated over the past 24 hours, while Bitcoin traded near $61,465.
- Spot Bitcoin ETFs recorded $294 million in net outflows, pushing June to a record $4.5 billion in outflows.
Bitcoin climbed to almost $62,000 (€54,400) on Thursday after the U.S. labor market data for June came in far weaker than economists expected. The disappointing report quickly rippled through crypto markets, reviving bets on Federal Reserve rate cuts and forcing bearish traders to cover short positions.
Weak Jobs Set the Tone
According to the Bureau of Labor Statistics, the U.S. added 57,000 jobs in June, well below the 113,000 economists had forecast. The agency also revised April and May down by a combined 74,000 jobs, while the labor force participation rate slipped from 61.8% to 61.5%.
That combination pushed traders to scale back expectations for more rate hikes and take on risk again. A day earlier, Fed Chair Kevin Warsh had already said inflation risks had eased, comments that helped Bitcoin move back above $60,000 (€52,600) on Wednesday.
Derivatives trading amplified the move. Over the past 24 hours, about $450 million in crypto short positions were liquidated, according to CoinGlass, as bearish traders were forced to unwind positions quickly.
Bitcoin was changing hands around $61,465 (€53,900), up 1.18% over the past 24 hours. Even with that bounce, BTC remains 51% below its all-time high of about $126,000 (€110,500) from October 2025 and 44% lower than a year ago.
ETF Flows Are Still a Drag
The price rebound still has not been matched by institutional demand. Spot Bitcoin ETFs saw $294 million (€258 million) in net outflows on Wednesday, even as Bitcoin moved higher. That brought June’s total outflows to a record $4.5 billion (€3.9 billion), the worst month on record for these products.
Still, sentiment appears to be improving slightly. CoinMarketCap’s Fear and Greed Index moved from Extreme Fear to Fear, suggesting traders are becoming a bit less defensive.
CryptoQuant also flagged fresh activity on exchanges. Analysts saw Bitcoin inflows rise above 50,000 per day, while ETH and altcoin deposits also increased. The company said the average deposit doubling from 1 BTC to 2 BTC points to whales driving much of the activity.
Why This Matters
For European crypto investors, the bigger takeaway is how closely macro data, ETF flows, and onchain signals are moving together right now. The 20-day EMA near $62,148 (€54,500) and the $60,000 (€52,600) area remain the key short-term levels to watch, while the RSI has recovered to 43.76 and is still below the neutral 50 mark.
A move toward $70,000 (€61,400) looks more likely if ETF inflows return and the Fed leaves more room for rate cuts in July. Until then, $60,000 (€52,600) remains the level the market is focused on.
