Bitcoin Rebounds Above $61,000 as Weak US Jobs Data Tempers Fed Rate Hike Bets

Bitcoin and other major cryptocurrencies rallied on Thursday after a surprisingly weak U.S. jobs report eased investor concerns about further interest rate hikes from the Federal Reserve. The leading digital asset briefly surpassed $62,000 before settling, providing a moment of relief from a prolonged market downturn.

Labor Market Shows Signs of Cooling

The catalyst for the market move was the U.S. nonfarm payrolls report for June, which showed employers added just 57,000 jobs, according to Investing.com. This figure fell significantly short of the 115,000 that economists surveyed by Dow Jones had forecast and was a marked deceleration from the revised 129,000 jobs added in May.

The unemployment rate ticked down slightly to 4.2%, but the headline jobs number complicates a recent narrative of a resilient labor market. The softer data suggests the economy may be cooling, reducing the immediate pressure on the Federal Reserve to tighten monetary policy.

Impact on Fed Policy and Crypto

For markets, a weaker labor report reduces the probability of aggressive central bank action. Lower interest rates are generally considered bullish for speculative, risk-on assets like cryptocurrencies, as they decrease the appeal of safer, yield-bearing investments.

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Following the data release, traders adjusted their expectations for future Fed moves. According to Investing.com, which cited the CME Group’s FedWatch tool, the chances of a rate increase in September were priced out, though the possibility of a hike in October remains. This shift in sentiment provided immediate support for digital assets, which have increasingly moved in tandem with traditional risk assets like technology stocks.

Broad-Based Crypto Rally

The positive macro signal sparked a rebound across the crypto market, which has been under pressure from persistent outflows from U.S. spot ETFs and slowing institutional demand. Bitcoin recorded a decline of more than 30% in the first half of 2026, the source noted.

• Bitcoin (BTC) was last up 2.2% to $61,416.6 by 16:55 ET (20:55 GMT).
• Ethereum (ETH), the second-largest cryptocurrency, climbed 5.1% to $1,699.19.
• Other major altcoins also saw gains, with Solana (SOL) and Cardano (ADA) rising 4.7% and 5%, respectively.