Bitcoin held above $61,000, and Ethereum above $1,700, as softer-than-expected U.S. jobs data for June eased concerns about aggressive Federal Reserve rate hikes. This positive macroeconomic signal, coupled with Bitcoin spot ETFs breaking a 10-day outflow streak, allowed crypto markets to rebound ahead of the US Independence Day holiday. The key data point is the jobs report indicating a cooling labor market, which reduces pressure on the Fed. Investors should watch for continued ETF inflows and upcoming inflation data to gauge sustained market momentum.
Softer U.S. labor data reduces the probability of aggressive Fed rate hikes, which is a tailwind for risk assets like Bitcoin and Ethereum. This macro shift can attract institutional capital, improving market sentiment and potentially driving price appreciation.
This rebound illustrates crypto's acute sensitivity to macro liquidity conditions, particularly Fed policy expectations. A cooling labor market directly translates to reduced rate hike fears, creating a favorable environment for risk assets. This implies that macro data will continue to dictate short-term market direction.
Bitcoin holds above $61,000 and ether above $1,700 as soft U.S. jobs data eases Fed hike bets and spot ETFs snap a 10-day outflow streak.