Bitcoin surges past $60,000 as markets brace for US jobs data

Bitcoin broke above the $60,000 threshold on Thursday for the first time in two weeks, turning attention to the upcoming US jobs report as the next catalyst for direction.

Bitcoin rose 2.3% to $60,420 as of 08:30 UTC on July 2, recovering from a June low near $58,000 that tested the patience of even long-term holders. The move came as US dollar index futures softened and Treasury yields edged lower, with traders positioning for a weaker-than-expected nonfarm payrolls print that could revive rate-cut expectations.

"Bitcoin's recovery above $60,000 is a technical reclaim of a level that held as support for 20 months before breaking in late June," said Nina Volkov, crypto macro analyst at Edgen. "The jobs report is the next real test — a soft print could push BTC toward $63,000, while a beat would likely retest the $58,000 support zone."

The rebound follows a brutal first half for digital assets. Bitcoin fell from its October record of $126,000 to below $60,000 in June, a decline of more than 50% that wiped out gains from the post-halving rally. The S&P 500, by comparison, returned about 74% over the five years through June 30, edging out Bitcoin's 68% gain over the same stretch, according to BeInCrypto data.

The macro backdrop remains the dominant driver. Persistent US inflation and hawkish Federal Reserve guidance pushed investors out of risk assets broadly, with Bitcoin's correlation to equities fraying rather than healing during the sell-off. The tech-heavy Nasdaq fell 3.2% in June, compounding pressure on crypto.

On-chain data offers a more constructive picture beneath the price action. Long-term holders — wallets that have held Bitcoin for at least 155 days — resumed accumulation during the June dip, according to Glassnode. The supply held by this cohort rose by 45,000 BTC in the past two weeks, a pattern that historically preceded the start of new uptrends.

Open interest in Bitcoin futures stood at $28.4 billion across all exchanges as of Thursday morning, with funding rates near zero — suggesting the recent move was driven by spot buying rather than leveraged speculation. The absence of crowded longs leaves room for further upside without the risk of a liquidation cascade.

The next halving sits roughly 22 months out, a timeline that historically aligns with the early stages of an accumulation phase. Bitcoin tends to enter a sustained buildup 18 to 24 months before the supply cut, providing structural support even as macro headwinds persist.

The key levels to watch are well-defined. A daily close above $61,800 would invalidate the breakdown structure and open a path to the mid-$60,000s. A failure to hold $58,000, by contrast, would expose the low- to mid-$50,000s — a scenario that becomes more likely if the jobs report surprises to the upside and dollar liquidity tightens further.

The US Bureau of Labor Statistics is scheduled to release June nonfarm payrolls data on July 3 at 12:30 UTC. Economists surveyed by Bloomberg expect an addition of 190,000 jobs, with the unemployment rate holding at 4.1%.

This article is for informational purposes only and does not constitute investment advice.