Bitcoin Holds $61K After US Jobs Data, AI Stocks Slide
Bitcoin holds above $61,000 as weak US jobs data fuels expectations of a Federal Reserve pivot, while AI stocks decline, suggesting capital rotation into crypto and gold.
Bitcoin held above $61,000 on Friday after a weaker-than-expected US jobs report eased fears of further interest rate hikes, while a sell-off in AI stocks signaled a potential rotation of capital into cryptocurrencies and gold.
The US economy added fewer jobs than forecast in June, according to data released Friday, pushing the 10-year Treasury yield lower and weighing on the US dollar. Bitcoin, which had been under pressure from rate hike fears, bounced off its 21-month lows and stabilized above the $61,000 level. The weak jobs data reduces the likelihood of aggressive tightening by the Federal Reserve, a scenario that has historically been bullish for risk assets including Bitcoin. Meanwhile, major AI-related stocks tumbled as investors rotated out of the high-growth sector, with some analysts interpreting the move as capital shifting toward alternative stores of value like Bitcoin and gold. For crypto traders, the combination of a dovish macro backdrop and sector rotation could provide a tailwind for Bitcoin's price. NowPrice's crypto page shows current Bitcoin pricing and order book depth for those monitoring the move.
Looking ahead, traders will focus on the Federal Reserve's next policy meeting in late July, where any dovish signals could further support Bitcoin. Key resistance sits near $70,000, a level that bulls may target if the current momentum continues. On the downside, $60,000 remains a critical support zone. Additionally, the ongoing earnings season for AI companies will be watched for further signs of sector weakness that could accelerate the rotation into crypto.