Bitcoin Price Breaks $62K to New July High as Weak US Jobs Data Strengthens Rate-Cut Hopes

News Editor

2026-07-02 17:41:26

Bitcoin surged nearly 4% on July 2 to reclaim the $62,000 level, marking a new high for July. The rally was driven by weaker-than-expected US labor market data, which reinforced expectations that the Federal Reserve will ease its inflation-fighting policy. The ADP employment report missed forecasts, boosting bets on rate cuts and fueling risk-on sentiment across crypto markets.

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Market Update

Bitcoin continued its upward momentum on the second day of "Green July," climbing past $62,000 to set a fresh monthly high. The flagship cryptocurrency posted daily gains of nearly 4%, as of press time, reflecting strong bullish momentum.

Bitcoin Price Breaks $62K to New July High as Weak US Jobs Data Strengthens Rate-Cut Hopes 2

The immediate catalyst behind the move was a softening in US labor market signals. June ADP employment data came in below expectations, indicating a slowdown in job growth. This reinforced market expectations that the Federal Reserve will pivot toward an easing inflation policy in the coming months. The prospect of rate cuts boosted risk-on appetite, benefiting Bitcoin as a digital gold alternative and a macro-sensitive asset.

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

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