Bitcoin rallied nearly 4% on the second consecutive day of gains, breaking above $62,000 to reach a new July high. Disappointing US labor market data reinforced expectations that the Federal Reserve will adopt a looser inflation policy, providing support for risk assets including cryptocurrencies. The 'Green July' narrative gains traction as Bitcoin starts the month strongly.
Bitcoin continued its upward momentum on the second trading day of July, surging nearly 4% to surpass the $62,000 mark and hit a new monthly high. The rally was fueled by weaker-than-expected US jobs data, which reinforced market expectations that the Federal Reserve will pivot toward a more accommodative inflation policy.
Traders interpreted the soft labor market report as a positive signal for risk assets, including cryptocurrencies. The data suggests that the central bank may accelerate the easing of monetary tightening, which has historically supported Bitcoin prices. The so-called 'Green July' narrative is gaining traction as the top cryptocurrency shows strong performance early in the month, with bullish sentiment prevailing among market participants.
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