Bitcoin Rebounds 6.5% to $61,600 as Weak US Jobs Data Lifts Crypto
Updated
Updated · CoinDesk · Jul 3
Bitcoin Rebounds 6.5% to $61,600 as Weak US Jobs Data Lifts Crypto
3 articles · Updated · CoinDesk · Jul 3
Summary
$61,600 marked bitcoin's recovery from Tuesday's $57,750 low, with softer U.S. jobs data easing Fed hike fears and helping extend a risk-on move across crypto.
$417 million in 24-hour liquidations showed the rally was driven partly by a squeeze, with ether accounting for $160.8 million as bearish positioning was forced out.
Ether open interest reached 14.31 million contracts — the highest since June 10 — while bullish funding rates, positive volume delta and active call buying pointed to rising demand for upside exposure.
Uniswap jumped more than 11% on doubled volume to $320 million after Robinhood confirmed it as the main AMM for its layer-2 network, while Solana stretched its weekly gain past 17% to $80.
Still, the broader token market remains structurally bearish after weeks of lower highs and lows, and bitcoin would need to reclaim $67,000 and then $81,000 to signal a fuller trend reversal.