Weak NFP and ETF Inflow Fuel Bitcoin
Bitcoin strengthened in Friday's trading and hovered near the US$62,000 level), after weaker-than-expected US jobs data eased concerns about an imminent Federal Reserve interest rate hike.
Bitcoin is currently trading around US$61,902, after briefly touching an intraday high of US$62,271. This movement continues its recovery from pressure earlier in the week, when Bitcoin briefly fell below US$58,000 and hit its lowest level in nearly two years.
Market sentiment improved after the US Nonfarm Payrolls report showed the economy added only 57,000 jobs in June. This figure was far below market expectations and reinforced signals that labor market momentum is starting to slow.
The weaker jobs data prompted investors to cut expectations for a Fed rate hike. This is a positive sentiment for riskier assets like crypto, as lower interest rates or easing expectations of tightening can increase liquidity and lower risk assets like crypto, as lower interest rates are less attractive to speculative assets.
In addition to the On a macro level, Bitcoin also received support from improving fund flows into spot Bitcoin ETFs. After weeks of outflows, market reports showed that US spot Bitcoin ETFs recorded net inflows of US$221.7 million on July 2, ending the withdrawal pressure that had previously weighed on the price.
Despite the rebound, the significant pressure on Bitcoin has not completely dissipated. Throughout the first half of 2026, Bitcoin remained down more than 30% due to weakening institutional demand, reduced risk appetite, and uncertainty about the direction of crypto regulation in the United States.
Investors are also closely monitoring developments in the US-Iran peace talks. Previous geopolitical uncertainty has made the market more cautious about high-risk assets. However, if tensions ease and energy prices remain low, inflationary pressures could ease and give the Fed room to hold interest rates.
In the altcoin market, Ethereum is trading around US$1,624.95. XRP is around US$1,059, while Solana has risen to US$77.97. Dogecoin also strengthened to around US$0.0763. These movements indicate that the recovery is not only This is not happening with Bitcoin, but it's starting to spread to other parts of the crypto market.
Technically, the US$62,000 area is a key resistance area for Bitcoin. If the price can consistently hold and break through this area, there's a chance for further upside towards US$63,500 to US$65,000.
However, if Bitcoin fails to maintain momentum and falls back below US$60,000, selling pressure could resurface. Currently, the direction of the crypto market remains highly dependent on ETF flows, US dollar movements, Fed interest rate expectations, and global risk sentiment. (arl)
Source: Newsmaker.id
