Bitcoin Hits New July High Above $62K as Weak US Jobs Data Fuels Rate Cut Hopes

News Editor

2026-07-02 17:41:26

Bitcoin surged nearly 4% on July 2 to break above $62,000, reaching a new July high. The rally was driven by weaker-than-expected US jobs data, which reinforced expectations that the Federal Reserve will ease inflation-fighting policies. The move extends the 'Green July' trend with strong volume support.

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Bitcoin Rallies on Weak Jobs Report

Bitcoin prices hit a new July high on Tuesday, briefly topping $62,000 as markets reacted to disappointing US labor market data. The leading cryptocurrency gained nearly 4% in the past 24 hours, continuing the 'Green July' rally that began on July 1.

Bitcoin Hits New July High Above $62K as Weak US Jobs Data Fuels Rate Cut Hopes 2

Data from Cointelegraph Markets Pro shows BTC/USD rising from around $59,800 to a peak of $62,350 before pulling back slightly. The move was accompanied by above-average trading volume, suggesting strong buying interest. Analysts believe the soft jobs numbers could reduce pressure on the Federal Reserve to maintain aggressive rate hikes, creating a more favorable environment for risk assets like cryptocurrencies.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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