Bitcoin · Federal Reserve (FED) · Ethereum · The Block
‘Markets find their footing’: Bitcoin holds $61,000 rebound ahead of US Independence Day as soft jobs data eases rate fears
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Bitcoin held above $61,000 and ether above $1,700 on Friday, extending a rebound that took hold after a softer-than-expected U.S. jobs report cooled expectations for further Federal Reserve tightening and revived appetite for risk assets.
Key facts
- Ether (ETH) outperformed on the rebound, reclaiming the $1,700 handle, nearly 10% off its midweek lows and comfortably clear of the $1,500 support it defended last week
- The move caps a volatile stretch for the largest cryptocurrency, which briefly pierced its $58,000 support on Wednesday and printed a low near $57,700 before Thursday's payrolls miss sparked a relief
- Bitcoin held above $61,000 and ether above $1,700 on Friday, extending a rebound that took hold after a softer-than-expected U.S. jobs report cooled expectations for further Federal Reserve
- U.S. spot bitcoin ETFs pulled in $224 million on Thursday, their first positive print in over a week and an early sign that dip buyers are stepping back in after roughly $2.4 billion of redemptions
Summary
The move caps a volatile stretch for the largest cryptocurrency, which briefly pierced its $58,000 support on Wednesday and printed a low near $57,700 before Thursday's payrolls miss sparked a relief bounce back above $60,000. Ether (ETH) outperformed on the rebound, reclaiming the $1,700 handle, nearly 10% off its midweek lows and comfortably clear of the $1,500 support it defended last week. U.S. nonfarm payrolls grew by 57,000 in June, well below the roughly 114,000 economists expected, with prior months revised lower. Rates market pricing still implies a rate hike before year-end, but the implied odds fell to 77% from around 85% before the data, Rodda said.