- Bitcoin climbed above $61,000 after weaker U.S. jobs data eased rate hike concerns.
- Spot Bitcoin ETFs recorded $221.7 million in inflows after ten straight outflow sessions.
- Traders now watch $62,700 and $65,000 as key resistance levels.
Bitcoin — BTC, found fresh momentum after encouraging economic data changed market expectations. A weaker U.S. jobs report eased concerns about another Federal Reserve rate hike. That shift helped buyers return after weeks of heavy selling. Institutional demand also improved as spot Bitcoin ETFs recorded fresh inflows. Together, those developments pushed Bitcoin back above $61,000 and gave traders renewed hope that selling pressure may finally begin fading.
Weak Jobs Report Sparks Fresh Bitcoin Demand
Bitcoin climbed above $61K on Friday after the latest U.S. labor report disappointed expectations. The economy added only 57,000 jobs during June. Economists had expected around 115,000 new positions. Officials also revised May’s employment numbers lower by another 43,000 jobs. The unemployment rate reached 4.2%, slightly below forecasts.
Even so, many investors believe the labor market continues losing momentum. Slower hiring often reduces pressure on the Federal Reserve to tighten monetary policy. Bitcoin traded near $61,632 during early Friday trading. Daily gains approached 2%, while weekly performance improved by roughly 3%. Earlier this week, Bitcoin briefly dropped below $58,000.
That marked the lowest price level seen in almost two years. Despite the recovery, several analysts remain cautious. Market analyst Ted Pillows described the latest advance as a relief rally instead of a confirmed trend reversal. According to his analysis, Bitcoin must reclaim $62,700 and later $65,000 before stronger bullish confidence returns.
ETF Inflows and Fed Expectations Improve Market Sentiment
Institutional demand also delivered welcome support. U.S. spot Bitcoin ETFs recorded net inflows of $221.7 million on July 2. That result ended a difficult stretch of ten consecutive trading sessions with net outflows. Fresh ETF buying often signals renewed confidence among larger investors. Strong institutional participation has played an important role during previous Bitcoin rallies. Returning demand could help stabilize prices after months of weakness.
Bitcoin suffered more than a 30% decline during the first half of 2026. Weak institutional participation contributed heavily to that disappointing performance. Recent ETF inflows suggest some investors now see attractive value at current prices. Interest rate expectations also shifted after the employment report. Prediction markets lowered the probability of another Federal Reserve rate hike during 2026. Meanwhile, CME FedWatch data now shows an 82.4% chance that policymakers will leave rates unchanged during the July meeting.
Federal Reserve Chair Kevin Warsh also noted easing inflation risks while speaking at the ECB Forum. Although he avoided specific policy guidance, traders viewed those comments as another positive signal. Bitcoin now faces an important test above $61,000. Continued ETF demand and stable interest rate expectations could support further gains. Even so, traders will likely watch resistance levels carefully before declaring a stronger market recovery.
