CoinDesk
Bitcoin touched $63,882 overnight before retreating to roughly $62,900, with the 24-hour high of $63,900 holding only briefly before sellers stepped in, per CoinDesk data. The move gave back early gains after the bounce faded into the European session.
Why it matters
Thursday's U.S. jobs report came in weaker than expected, giving liquidity-sensitive assets a lift into the weekend. A softening labour market makes a Federal Reserve rate hike less likely and slowly shifts the macro backdrop that pushed spot bitcoin ETF investors out through June. One print does not flip that setup, but it chips away at the hawkish case that has capped the early-July tape.
Market impact
The reaction was modest in magnitude but real in direction: a one-day relief bounce, not a regime change. Spot bitcoin ETFs have seen net outflows for much of the last several weeks as traders priced a higher-for-longer Fed path. A weaker payrolls reading narrows that path, even if the August and September prints still need to confirm. The July 14 CPI release is the next data point that could either extend the relief or further cap an early-July rally.
Frequently asked questions
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How high did Bitcoin get in this latest move?
Bitcoin touched $63,882 overnight, with the 24-hour high at $63,900 before sellers pushed price back toward $62,900, per CoinDesk data.
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Why did Bitcoin bounce on the jobs report?
Thursday's U.S. jobs report came in weaker than expected, easing rate pressure and giving liquidity-sensitive assets a lift into the weekend.
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Does one weak jobs print change the Fed outlook?
Not on its own. One print does not flip the setup, but it narrows the higher-for-longer path that has weighed on BTC and spot ETF flows through June.
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What is the next major data point for crypto markets?
The July 14 CPI release is the next key print. A soft reading would extend the relief rally; a hot print would cap it further.
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How have spot Bitcoin ETFs been trending recently?
Spot BTC ETFs saw sustained net outflows through much of June as traders priced a hawkish Fed path, a backdrop that softer jobs data now slowly erodes.
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