Bitcoin Surges to $62K as US Jobs Data Disappoints
By John Nada·Jul 3, 2026·2 min read
Bitcoin hits new highs as weak US jobs data boosts crypto optimism. BTC/USD climbs nearly 4% amid volatile labor market conditions.
Thursday's Wall Street open saw Bitcoin shatter its July expectations, hurdling over the $62,000 mark. The catalyst? Weaker-than-anticipated U.S. nonfarm payrolls data. Amidst the bustle of trading floors, crypto markets showed their optimism, with BTC/USD climbing nearly 4% for the day, as Cointelegraph reported.
The Bureau of Labor Statistics revealed a stark shortfall in June job additions—just 57,000 compared to the forecasted 114,000. This labor market sag paints a volatile picture, potentially prompting the Federal Reserve to reconsider its financial policy. The link is clear: less robust employment figures could lead to a looser policy stance, favoring risk assets like Bitcoin.
Crypto trader Michaël van de Poppe expressed a mid-term bullish view, highlighting the drop in inflation expectations alongside this unemployment data. "I don't think we'll see another drop on Bitcoin if it can break through $65,000," he noted to his followers.
Bitcoin's ascent wasn't happening in isolation. Data from CoinGlass emphasized the market's shift, with 24-hour short liquidations nearing $450 million. This liquidation signifies a potent resurgence of Bitcoin bulls, invigorated and ready to take on the market.
Adding to the scene, trading resource The Kobeissi Letter noted that May's job numbers were revised down by 43,000 jobs, underscoring a labor market that isn't just weak—it's downright wobbly.
Yet, it's not just about the numbers. Market participant Exitpump provided insights into the BTC order-book dynamics, citing aggressive bids supporting the price action on Binance. "Buyers are back and strong," Exitpump observed, capturing the mood among traders.
As U.S. economic concerns loom, Bitcoin appears poised for what some analysts, like Rekt Capital, have described as a "green July." However, they caution that the bear market's momentum may resume come August. By turning the 50-month EMA into resistance, Bitcoin might face further bearish pressure—making the current rally a brief respite.
In this interconnected dance between macroeconomic indicators and crypto prices, Bitcoin's recent highs serve as a reminder: traditional economic woes can still stir bullish dreams in the crypto realm. Where will the next twist in this saga lead?