Bitcoin (BTC) surpassed $62,000 at the open on Wall Street on Thursday as the crypto reacted to weak US jobs figures.
Key points:
- US non-farm payrolls data boosts crypto market as June job gains fall short.
- Investors are eyeing a softening inflation outlook as optimism over BTC prices increases.
- Crypto begins its “Green July” forecast by liquidating nearly $500 million in short positions.
Bitcoin wins amid “volatile situation” for the US labor market
Data from TradingView showed new July highs of $62,137 on Bitstamp, with BTC/USD up almost 4% on the day.
BTC/USD four-hour chart. Source: Cointelegraph/Trading View
The last non-farm payroll data from the Bureau of Labor Statistics (BLS) showed that the United States created far fewer jobs than expected in June, 57,000 versus 114,000 expected.
“Both the unemployment rate, at 4.2 percent, and the number of unemployed, at 7.1 million, changed little in June,” a report said. official press release declared.
US unemployment data. Source: BLS
The employment figures paint a bleak picture for the labor market – a potential tailwind for risky assets should the Federal Reserve ease financial policy accordingly.
“The May employment number was also revised downward by -43,000,” notes business source The Kobeissi Letter in a statement. reaction on.
“The labor market remains in a volatile situation. »
As Bitcoin and altcoins rose, crypto trader and analyst Michaël van de Poppe was among those moving towards a more optimistic view of the market in the medium term.
“Inflation expectations have fallen. Today, unemployment is also falling. It is at its lowest level in almost a year. These are strong public signals about the direction of the markets,” he said. said X subscribers.
“I don’t think we will see further decline in Bitcoin if Bitcoin can clearly break above $65,000 from here.”
Bitcoin “buyers are back and strong”
Other market participants have also drawn attention to the new strength of Bitcoin bulls.
Related: Bitcoin Bear Market Is ‘Dead’ After First TD9 Reversal Signal Fires Since July 2022
“Price analysis through strong demands on the Binance order book is actually a sign of strength. Additionally, we have offers that support aggressive buyers,” comments Exitpump. reported on exchange order book data.
“Buyers are back and strong.”
BTC/USDT chart with order book liquidity data. Source: Exitpump/X
Data from CoinGlass value 24-hour short crypto liquidations at nearly $450 million at the time of writing.
BTC/USD versus cryptocurrency liquidations (screenshot). Source: CoinGlass
“Welcome to green July,” continued trader and analyst Rekt Capital.
As Cointelegraph reportedRekt Capital expects a relief rally for Bitcoin in July before bear market momentum resumes in August.
An accompanying chart, which showed the 21- and 50-month exponential moving averages (EMA), drew comparisons to the 2022 bear market, with the implication that cycle lows were yet to come.
“And once Bitcoin turns the 50 EMA into new resistance during this relief rally, it will likely enter further bearish acceleration over time,” Rekt Capital added in a separate article
BTC/USD one month chart with 21.50EMA. Source: Rekt Capital/X
