Bitcoin Hits New July High Above $62K as US Jobs Data Weakens

Bitcoin surged to a new July high above $62,000 on Friday, extending daily gains to nearly 4% as weaker-than-expected US jobs data reinforced expectations of a more accommodative Federal Reserve. The move triggered nearly $500 million in crypto short liquidations, marking one of the largest liquidation events in recent weeks.

The rally came after the US Labor Department reported softer employment figures for June, with nonfarm payrolls missing consensus estimates and wage growth moderating. The data suggests the Fed may have room to ease monetary policy sooner than previously anticipated, which typically benefits risk assets like Bitcoin. Traders can track the ongoing price action on NowPrice's live crypto dashboard, which shows Bitcoin holding above the $62,000 level with elevated trading volumes.

The weak jobs report adds to a growing narrative that the US economy is cooling, potentially paving the way for rate cuts later this year. Historically, Bitcoin has performed well in periods of monetary easing, as lower interest rates reduce the opportunity cost of holding non-yielding assets. However, traders should watch for any hawkish pushback from Fed officials in the coming days, as well as key inflation data due later this month, which could alter the rate path. The $62,000 level now acts as near-term support, with resistance at $65,000, a zone that has capped upside since May.