$221.7M Inflow Ends 10-Day Outflow Streak
Spot Bitcoin ETFs listed in the United States posted a net daily inflow of $221.7 million on July 6, snapping a 10-day streak of outflows and registering the strongest single-day inflow in nearly two months. June's persistent outflows had weighed on institutional sentiment, making this shift a notable change. The ETF capital surge helped lift Bitcoin back above the $63,500 mark, reinforcing a key support level.
BTC Reclaims $63,500 Support
Analyst That Martini Guy commented that an initial pullback from this region is typical, as "previous resistances are rarely overcome on the first attempt." The critical development, he stressed, is Bitcoin reclaiming $63,500 as a support level after several weeks. As long as this level holds, a continued attempt at an upward move remains possible. Consistent price action above $63,500 could bring $65,700 back into focus, while a loss of support might trigger a retest of the $61,000 zone.
Short Covering Amplifies the Rebound
Derivatives activity also played a role. As Bitcoin pushed above $62,000, some short holders were forced to cover, accelerating the intraday rebound through mandatory purchases. Yet the overall picture remains fragile. While Bitcoin has reclaimed a key support, the strong resistance that turned away the last rally has yet to be broken. "Holding above $63,500 reinforces the short-term structure. However, unless the resistance near $65,700 is convincingly surpassed, it is too early to call the move a firm turnaround."
Weak US Jobs Data Eases Rate Hike Fears
Another factor supporting Bitcoin came from U.S. economic data. Non-farm payrolls for June rose by just 57,000, well below the 110,000 forecast, and prior-month figures were revised downward. The unemployment rate dipped to 4.2% amid a decline in labor force participation. The data eased concerns that the Federal Reserve would raise interest rates soon. U.S. bond yields fell and the dollar weakened, providing a backdrop that encouraged risk appetite. Bitcoin, as a non-yielding asset, benefited from this environment.
Focus on Fed Minutes and Upcoming Data
Looking ahead, the market will watch the Federal Reserve's June meeting minutes due Wednesday, as well as the services sector PMI, ADP employment report, and weekly jobless claims. The market now balances two opposing forces: renewed ETF inflows and Bitcoin's recovery of $63,500 provide upside fuel, while June's heavy outflows, limited liquidity, and increased European regulatory pressure encourage caution. Maintaining levels above $63,500 puts $65,700 within reach, but a break down would put the $61,000 area back in play.