Bitcoin Faces $62.6K Test After Weak Jobs Data Lifts Risk Assets

Bitcoin (BTC) reached a nine-day high near $62,300 on Jul. 3 as global equities moved deeper into record territory.

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Bitcoin Price

Data from TradingView showed Bitcoin rising to $62,295 on Bitstamp, its strongest level since Jun. 24, as bulls extended July’s early rebound while U.S. markets were closed for Independence Day.

The move followed a record close for the Dow Jones on Thursday, while The Kobeissi Letter said global stock market capitalization had also reached a new all-time high.

“Global equities are in the midst of one of the most powerful rallies in history,” the trading resource wrote on X.

Market commentator Exitpump said exchange activity showed “controlled slow buying,” adding that the setup still looked constructive for further upside if buyers could manage the $62,000 to $62,500 area.

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BTC Resistance

Trader Daan Crypto Trades focused on Bitcoin’s 200-week simple moving average, which stood near $62,652, and said the weekly close around that trend line would matter for the next phase of the move.

“It is key for BTC now to hold this breakout and maintain its low timeframe bullish market structure,” he wrote, calling the current trading zone “important.”

The rebound came after weaker U.S. nonfarm payrolls data helped risk assets, with Mosaic Asset Company saying investors treated softer economic data as supportive because it reduced pressure for tighter monetary policy.

Mosaic said the payrolls report looked like a “Goldilocks” figure for stocks, since it was weak enough to soften rate fears but not weak enough to trigger broader concern about growth.

Federal Reserve expectations remained cautious, however, as CME Group FedWatch data showed roughly even odds of a pause or hike at the September meeting, with rates expected to stay unchanged until then.

Bitcoin’s latest move puts the market back near a long-term trend line that has repeatedly shaped sentiment in past cycles, making the $62,000 zone important beyond one holiday-session rally.

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