The US nonfarm payrolls came in weaker than expected for June, alleviating fears of further rate hikes. Capital is rotating from AI sectors into Bitcoin and gold. Bitcoin holds support at $61K, with bulls likely testing $70K if macro conditions remain favorable.
Weaker-than-expected US jobs data for June eased market concerns about the Federal Reserve's tightening cycle. The nonfarm payrolls fell short of consensus estimates, leading to a rotation of capital from AI sectors into Bitcoin and gold. Bitcoin maintained its support above $61,000, and analysts suggest that if the macro environment stays accommodative, bulls may attempt a run toward the $70,000 level this week.
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