Bitcoin

Rekt

Bitcoin (BTC) passed $62,000 at Thursday’s Wall Street open as crypto reacted to weak US employment figures.
Key points:
<ul>
 <li>US nonfarm payrolls data delivers a crypto market boost as job additions for June fall short.</li>
 <li>Investors eye an easing in the inflation outlook as optimism over BTC prices increases.</li>
 <li>Crypto begins its forecast "green July" by liquidating nearly $500 milllion of short positions.</li>
</ul>
<h2 id="bitcoin-gains-amid-volatile-situation-for-us-labor-market">Bitcoin gains amid "volatile situation" for US labor market</h2>
Data from TradingView showed new July highs of $62,137 on Bitstamp, with BTC/USD up nearly 4% on the day.<img alt="" height="818" src="https://s3-images.ctmedia.io/media/content/btcusd2026-07-0217-44-09.png" width="1134">
BTC/USD four-hour chart. Source: Cointelegraph/<a href="https://www.tradingview.com/symbols/BTCUSD/" rel="noopener noreferrer nofollow">TradingView</a>
The latest <a href="https://www.bls.gov/news.release/empsit.htm" rel="noopener noreferrer nofollow">nonfarm payrolls data</a> from the Bureau of Labor Statistics (BLS) showed that the US added far fewer jobs than expected in June, at 57,000 versus the anticipated 114,000.
“Both the unemployment rate, at 4.2 percent, and the number of unemployed people, at 7.1 million, changed little in June,” an <a href="https://www.bls.gov/news.release/empsit.nr0.htm" rel="noopener noreferrer nofollow">official news release</a> stated.<img alt="" height="1200" src="https://s3-images.ctmedia.io/media/content/civilian-unemployment-ra-2.png" width="1400">
US unemployment data. Source: BLS
 The jobs numbers painted a weak picture of the labor market — a potential tailwind for risk assets should the Federal Reserve loosen financial policy as a result.
“May's jobs number was also revised down by -43,000 jobs,” trading resource The Kobeissi Letter noted in a <a href="https://x.com/KobeissiLetter/status/2072659411349245959" rel="noopener noreferrer nofollow">reaction on X</a>.&nbsp;
<blockquote>
 “The labor market remains in a volatile situation.”
</blockquote>
As Bitcoin and altcoins headed higher, crypto trader and analyst Michaël van de Poppe was among those shifting toward a more optimistic mid-term market view.
“Inflation expectations have come down. Now, unemployment drops too. It's at its lowest level in close to a year. Those are strong, public signals about the direction of the markets,” he <a href="https://x.com/CryptoMichNL/status/2072660924071112716" rel="noopener noreferrer nofollow">told</a> X followers.&nbsp;
<blockquote>
 “I don't think we'll see another drop on Bitcoin if Bitcoin can clearly break through $65,000 from here.”
</blockquote>
<h2 id="bitcoin-buyers-are-back-and-strong">Bitcoin "buyers are back and strong"</h2>
Other market participants also drew attention to Bitcoin bulls’ newfound strength.
<a href="https://cointelegraph.com/markets/bitcoin-tests-claims-price-is-dead-with-first-td9-reversal-signal-since-july-2022" rel="noopener noreferrer nofollow"></a>
<a href="https://cointelegraph.com/markets/bitcoin-tests-claims-price-is-dead-with-first-td9-reversal-signal-since-july-2022" rel="noopener noreferrer nofollow">Related: Bitcoin bear market ‘dead’ after first TD9 reversal signal since July 2022 fires</a>
“Price drilling through large asks on Binance perps orderbook is actually sign of strength. Plus, we have chasing bids supporting aggressive buyers,” commentator Exitpump <a href="https://x.com/exitpumpBTC/status/2072672448625963454" rel="noopener noreferrer nofollow">reported</a> about exchange order-book data.&nbsp;
<blockquote>
 “Buyers are back and strong.”
</blockquote><img alt="" height="715" src="https://s3-images.ctmedia.io/media/content/hmocwzkxcae33hp.jpeg" width="1337">
BTC/USDT chart with order-book liquidity data. Source: Exitpump/X
 Data from <a href="https://www.coinglass.com/liquidations" rel="noopener noreferrer nofollow">CoinGlass</a> put 24-hour crypto short liquidations at nearly $450 million at the time of writing.&nbsp;<img alt="" height="511" src="https://s3-images.ctmedia.io/media/content/screenshot-2026-07-02-at-174156.png" width="1372">
BTC/USD vs. cryptocurrency liquidations (screenshot). Source: CoinGlass
“Welcome to green July,” trader and analyst Rekt Capital continued.
As <a href="https://cointelegraph.com/markets/btc-price-rsi-prints-key-2026-signal-five-things-to-know-in-bitcoin-this-week" rel="noopener noreferrer nofollow">Cointelegraph reported</a>, Rekt Capital expects a July relief rally for Bitcoin before bear-market momentum resumes in August.
An accompanying chart, which featured the 21-month and 50-month exponential moving averages (EMAs), drew comparisons to the 2022 bear market, with the implication that the cycle lows were still to come.
“And once Bitcoin turns the 50 EMA into new resistance on this relief rally, it will likely enter additional Bearish Acceleration over time,” Rekt Capital <a href="https://x.com/rektcapital/status/2072658960453128501" rel="noopener noreferrer nofollow">added</a> in a separate X post.<img alt="" height="1338" src="https://s3-images.ctmedia.io/media/content/hmomqsoxkaaav2f.jpeg" width="1814">
BTC/USD one-month chart with 21, 50EMA. Source: Rekt Capital/X

Bitcoin price taps new July high above $62K on weak US jobs data

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