Bitcoin surges past $62,000 as US jobs data disappoints
Bitcoin rallied above $62,000 after US jobs growth came in weaker than expected. Bitstamp data showed BTC/USD climbed to about $62,137 intraday—around +4% for the day.
The US Labor Department reported nonfarm payrolls rose by 57,000 in June versus the 114,000 forecast, while unemployment held at 4.2%. Traders interpreted the softer labor picture as a sign that inflation pressures may ease, increasing expectations of a more accommodative Fed policy—typically supportive for risk assets like Bitcoin.
Crypto analysts linked the move to changing macro signals. Michaël van de Poppe said declining inflation expectations and weakening labor data are turning the mid-term crypto outlook more bullish. On derivatives, sentiment strengthened as aggressive buyers moved through heavy sell liquidity in Binance perpetual futures order books.
CoinGlass data also highlighted a short-squeeze effect: nearly $450 million of short positions were liquidated in the past 24 hours. Analyst Rekt Capital said July’s rebound may be starting, but warned bearish momentum could return in August. He flagged key trend levels such as the 21-month and 50-month exponential moving averages—if Bitcoin fails to reclaim the 50-month EMA as support, downside pressure could increase later.
Bullish
US jobs data came in weaker than forecasts, shifting expectations toward a more accommodative Fed path. For Bitcoin, that typically boosts risk appetite—especially when inflation concerns appear to cool. The rally was reinforced by derivatives mechanics: large short liquidations (~$450M) can accelerate upside via forced covering.
In the short term, this combination often sustains momentum until liquidity cools or macro prints reverse expectations. In the longer term, the article’s caution about August and key moving averages (21-month/50-month EMA) suggests the market may still be sensitive to subsequent data. Similar to past episodes when softer labor/inflation readings triggered “risk-on” rotations, Bitcoin may rise further, but traders should watch whether BTC can hold major EMA levels as support; failure there historically increases the risk of a renewed drawdown after the initial squeeze fades.