Bitcoin took daily gains to nearly 4% on the second day of "green July" as US labor-market signals supported an easing inflation policy from the Federal Reserve.
Bitcoin (BTC) passed $62,000 at Thursday’s Wall Street open as crypto reacted to weak US employment figures.
Data from TradingView showed new July highs of $62,137 on Bitstamp, with BTC/USD up nearly 4% on the day.
BTC/USD four-hour chart. Source: Cointelegraph/TradingView
The latest nonfarm payrolls data from the Bureau of Labor Statistics (BLS) showed that the US added far fewer jobs than expected in June, at 57,000 versus the anticipated 114,000.
“Both the unemployment rate, at 4.2 percent, and the number of unemployed people, at 7.1 million, changed little in June,” an official news release stated.
The jobs numbers painted a weak picture of the labor market — a potential tailwind for risk assets should the Federal Reserve loosen financial policy as a result.
“May's jobs number was also revised down by -43,000 jobs,” trading resource The Kobeissi Letter noted in a reaction on X.
As Bitcoin and altcoins headed higher, crypto trader and analyst Michaël van de Poppe was among those shifting toward a more optimistic mid-term market view.
“Inflation expectations have come down. Now, unemployment drops too. It's at its lowest level in close to a year. Those are strong, public signals about the direction of the markets,” he told X followers.
Other market participants also drew attention to Bitcoin bulls’ newfound strength.
Related: Bitcoin bear market ‘dead’ after first TD9 reversal signal since July 2022 fires
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