Bitcoin rises to $63,000 as jobs data eases rate fears

Bitcoin has rebounded from a multi-year low, trading near $63,000 on Monday, July 6, after a week of volatile trading. The recovery follows a period of intense selling pressure that drove the cryptocurrency to approximately $58,000 earlier in the week, its lowest level since late 2024.

The price bounce was supported by a combination of macroeconomic factors and a temporary shift in institutional flows. A weaker-than-expected U.S. jobs report, showing only 57,000 jobs added in June, reduced expectations for further Federal Reserve interest rate hikes, easing pressure on non-yielding assets. This coincided with a notable single-day inflow into U.S. spot Bitcoin exchange-traded funds (ETFs) on July 2, which recorded $221.7 million in net new capital and broke a 10-day streak of outflows.

Despite this daily inflow, institutional demand remains under significant pressure overall. Data for the trading week ending July 2 shows spot Bitcoin ETFs experienced approximately $527 million in net outflows, marking an unprecedented eighth consecutive week of withdrawals. This streak represents the longest period of net redemptions since these investment products launched. Over the month of...