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Bitcoin Climbs Above $62,000, Set for Weekly Gain as Jobs Data Eases Fed Concerns
Bitcoin's price rose above $62,000 on Friday, positioning the leading cryptocurrency for a weekly gain as signs of a cooling U.S. labor market eased investor concerns over potential near-term interest rate hikes by the Federal Reserve.
Macroeconomic Data Boosts Sentiment
The world's largest cryptocurrency traded 1.9% higher at $62,010.0 as of 08:49 ET (12:49 GMT), according to Investing.com data. The move extends a rebound from a recent low below $58,000 and puts Bitcoin on pace for a weekly rise of approximately 3%.
Market sentiment improved after the latest U.S. jobs report suggested a slowdown in employment conditions. This has reinforced expectations that the Fed may refrain from raising interest rates, a scenario that is typically supportive for risk-sensitive assets like cryptocurrencies by improving overall market liquidity.
ETF Flows Reverse After Weeks of Withdrawals
The price recovery also coincided with renewed demand for U.S. spot Bitcoin exchange-traded funds (ETFs) after a prolonged period of outflows that had weighed on the market. According to data from SoSoValue, these funds saw net inflows of $221.7 million on July 2.
AdThis positive flow ended a streak of 10 consecutive sessions of net withdrawals. The shift in institutional demand provides a crucial tailwind for the asset, which lost more than 30% during the first half of 2026 in what the source described as its weakest six-month performance in years.
Broader Crypto Market Rallies
Positive momentum was evident across the broader digital asset 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%.
- Dogecoin (DOGE) gained 2.1%.
- XRP rose 1.2% to $1.1059.