Bitcoin · Federal Reserve (FED) · CME Group · CryptoSlate
Bitcoin’s weekend rally runs into a $66k trap as traders still hedge for another drop
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Bitcoin climbed back above $62,000 once a weak US jobs report cooled bets on a near-term Federal Reserve rate hike, and the spot chart reads as a relief rally.
Key facts
- Losing $60,000 also reopens the low-$57,000s, about 8% under the current spot and a zone Bitcoin already tested during its second-quarter pullback
- In plain terms, that trade pays off most if Bitcoin climbs, but only into the $66,000 to $68,000 band by expiration
- That would amplify the bounce and push spot toward the $66,000 to $68,000 band where the call condor sits
- A rejection near $66,000 or a fresh break below $60,000 would flip the setup entirely
Summary
The US Bureau of Labor Statistics put June payroll growth at 57,000, well below the 110,000 economists polled had penciled in. Labor-force participation slid to 61.5%, the government cut April and May payrolls by a combined 74,000, and unemployment held steady at 4.2%. The dollar was on track for its biggest weekly drop since early April, while CME FedWatch data showed roughly a 45% chance of a September hike once the numbers landed. A softer dollar and lower odds of a hike gave crypto buyers the macro setup they wanted heading into the July 4 weekend.