Bitcoin Holds $61K as Weak Jobs Data Eases Rate Hike Fears
Bitcoin steadied above $61,000 after softer US employment figures reduced rate hike pressure, with analysts eyeing a potential move toward $70,000.
Bitcoin held firm above $61,000 Friday after weaker-than-expected US jobs data cooled fears of further Federal Reserve rate hikes, sparking fresh optimism among crypto bulls who now have their sights set on the $70,000 level. The employment report, seen as a key barometer for Fed policy, came in soft enough to shift market sentiment in favor of risk and alternative assets, including Bitcoin and gold.
Capital appears to be rotating out of struggling sectors — notably artificial intelligence stocks, which faced renewed selling pressure — and into perceived safe-haven and scarce-supply assets. Bitcoin, often framed by proponents as digital gold, stood to benefit alongside the precious metal as investors reassessed their portfolio positioning in light of the cooler labor market reading.
Read more Brent Crude Breaks $100 as Goldman Eyes $120 Next →
The question now dominating trader conversations is whether Bitcoin has found its near-term bottom. The $61,000 level has emerged as a critical support zone, and a sustained hold there could lay the groundwork for a renewed push higher. Bulls argue that easing macro headwinds, combined with reduced rate-hike probability, create a favorable setup for the next leg up.
Analysts caution, however, that macro conditions alone rarely guarantee a directional breakout in crypto markets, where sentiment can shift rapidly. Any reversal in Fed expectations — driven by fresh inflation data or labor market resilience — could quickly undercut the current bullish narrative and test Bitcoin's support once more.
Continue reading at Cointelegraph.
