Story
Bitcoin Climbs Above $62,000 on Softer U.S. Jobs Data and Renewed ETF Inflows
Summary
The leading cryptocurrency is on track for a weekly gain as cooling U.S. labor market figures ease rate hike concerns and spot exchange-traded funds break a 10-day streak of outflows.
Bitcoin climbed above $62,000 on Friday, positioning the cryptocurrency for a weekly gain as softer U.S. labor market data eased concerns over potential Federal Reserve rate hikes. Renewed inflows into U.S. spot Bitcoin exchange-traded funds (ETFs) also helped bolster market sentiment, extending a rebound from recent lows.
As of 08:49 ET (12:49 GMT), the world's largest cryptocurrency traded up 1.9% at approximately $62,010, according to Investing.com data. The move puts Bitcoin on track for a weekly rise of about 3%.
Macro Data and Fund Flows Bolster Prices
Market sentiment improved after the latest U.S. labor market data pointed to cooling employment conditions. This reinforces investor expectations that the Federal Reserve may refrain from raising interest rates in the near term, a scenario that typically supports risk-sensitive assets like cryptocurrencies by improving liquidity conditions.
The recovery was also supported by a reversal in fund flows for spot Bitcoin ETFs after weeks of persistent withdrawals. According to data from SoSoValue, these funds recorded net inflows of $221.7 million on July 2, ending a string of 10 consecutive sessions of outflows that had weighed heavily on prices.
A Rebound From Recent Weakness
AdThe recent gains mark a significant rebound from a low of under $58,000 reached earlier in the week. This follows a challenging period for the asset, which lost more than 30% during the first half of 2026, its weakest six-month performance in years, driven by weakening institutional demand.
Looking ahead, the market remains focused on the central bank's policy path. "In the medium term, the biggest question is whether the run of data in the coming months proves strong enough to force the Fed’s hawkish bias into action," an IG analyst said in a recent note.
Altcoins Follow Bitcoin Higher
The positive momentum extended across the broader cryptocurrency market on Friday, with most major altcoins posting gains.
- Ethereum (ETH), the second-largest cryptocurrency, jumped 4.3% to $1,734.55.
- Cardano (ADA) surged 5.1%.
- XRP rose 1.2%, while Dogecoin (DOGE) gained 2.1%.
- Solana (SOL) added a modest 0.1%.