Overview
- Bitcoin briefly rose above $62,000 on Thursday after the U.S. economy added just 57,000 payrolls in June, a jobs miss that lowered market odds of another Federal Reserve rate increase.
- U.S. spot Bitcoin ETFs have recorded repeated multi-session net outflows, including a reported $294.6 million on July 1, which has required issuers to sell underlying Bitcoin and removed institutional liquidity.
- Technical tests lie ahead between roughly $62,500 and $65,000 because derivatives heatmaps show dense short‑liquidation clusters near $61,000–$61,800 and large long‑liquidation pockets around $59,500–$58,000 that can speed moves either way.
- Analysts call the advance a relief rally that needs higher‑time‑frame resistance to be reclaimed to confirm a sustained recovery, citing the lingering drag from elevated Treasury yields and Fed policy uncertainty.
- If ETF redemptions persist or geopolitical or macro risks push oil and inflation expectations higher, sellers could overwhelm the rally and send Bitcoin back toward the late‑June lows near $57,800.