Bitcoin Bounces Above $62K as Weak Jobs Data Dents Rate Hike Bets
Bitcoin rose above $62,000 after a disappointing US jobs report lowered expectations for a near-term Fed rate hike.
Bitcoin climbed back above $62,000 over the weekend following a weaker-than-expected US jobs report that dampened bets on an imminent Federal Reserve rate hike. The Bureau of Labor Statistics reported June payroll growth of just 57,000, significantly below consensus forecasts.
The move was widely characterized as a relief rally, but options market data suggests traders remain cautious. Derivative desks trading Bitcoin futures are pricing in guarded expectations, with the $66,000 level identified as a potential resistance or 'trap' that could reverse gains if reached.
Market Context
The weak payrolls figure reduces pressure on the Fed to tighten policy soon, which typically supports risk assets like Bitcoin. However, persistent inflation and other macro factors continue to create uncertainty, leading many traders to hedge against a potential pullback.