Bitcoin climbs past $62,000 as soft US jobs data lifts crypto

Bitcoin moved above $62,000 on July 2 after weaker-than-expected US jobs data gave crypto traders a fresh reason to bet on easier financial conditions. For everyday investors, the link is straightforward: softer labor data can reduce pressure on the Federal Reserve to keep policy tight, and that often supports risk assets such as crypto.

TradingView data showed BTC/USD reaching $62,137 on Bitstamp around the Wall Street open, marking a new high for July. Bitcoin was up nearly 4% on the day, according to the market data cited by Cointelegraph.

The catalyst was the latest US nonfarm payrolls report from the Bureau of Labor Statistics. Nonfarm payrolls measure how many jobs the US economy added outside farming and a few other categories, and they are one of the most-watched indicators for the Fed.

The BLS said the US economy added 57,000 jobs in June. That was well below the 114,000 expected by economists cited in the report. The agency also said the unemployment rate was 4.2%, while the number of unemployed people stood at 7.1 million, with both figures little changed in June.

Why jobs data moved Bitcoin

Crypto prices often react to macro data because interest-rate expectations affect investor appetite for risky assets. When job growth slows, markets may start to expect a softer path from the Fed, meaning lower rates or less restrictive policy. Lower rates can make cash and bonds less attractive relative to assets with higher risk, including stocks and crypto.

The Kobeissi Letter, a markets commentary account, noted on X that May’s jobs figure was revised lower by 43,000 positions. It described the labor market as being in a “volatile situation.”

Crypto analyst Michaël van de Poppe also pointed to the macro setup in a post on X, saying inflation expectations had fallen and that unemployment had also dropped. He said he did not expect another Bitcoin decline if BTC could clearly move through $65,000 from current levels. That remains an analyst view, not a confirmed market outcome.

Short sellers get squeezed

The move higher also hit traders betting against crypto. CoinGlass data showed nearly $450 million in crypto short liquidations over 24 hours at the time Cointelegraph reported the figures.

A short liquidation happens when a trader who borrowed or used leverage to bet on a falling price is forced out of the trade because the market rises instead. That forced buying can add fuel to an upward move, especially when many traders are positioned the same way.

Market commentator Exitpump said on X that Binance perpetual futures order-book data showed Bitcoin pushing through large sell orders, with bids supporting buyers. Perpetual futures are crypto derivatives that let traders speculate on price without owning the underlying coin and without a set expiration date.

Analyst Rekt Capital framed the move as the start of a “green July,” while also maintaining a cautious broader view. According to Cointelegraph, Rekt Capital has expected a July relief rally before bearish momentum could return in August. In a separate X post, the analyst said Bitcoin could face renewed weakness if it turns the 50-month exponential moving average into resistance. An exponential moving average, or EMA, is a trend line that gives more weight to recent prices.

Bitcoin’s early-July rally puts macro data back at the center of the crypto conversation. The next test for traders is whether the move holds as investors reassess the Fed’s path and whether Bitcoin can approach the $65,000 area highlighted by analysts.

This story draws on original reporting from Cointelegraph.