Bitcoin Breaks $62K as Weak US Jobs Data Fuel Rate Cut Expectations

News Editor

2026-07-02 17:41:26

Bitcoin surged to a new July high above $62,000 on July 2, posting daily gains of nearly 4%. The rally was driven by weaker-than-expected US labor market data, reinforcing expectations that the Federal Reserve may ease its inflation-fighting policy. This marks the second day of 'green July' as crypto market sentiment continues to recover.

BitcoinBTC$62KUS jobs dataFederal Reserverate cut expectationsgreen Julycrypto market

Market Reaction

Bitcoin hit a new July high above $62,000 on July 2, with daily gains of nearly 4%. The move was fueled by softer US jobs data, which bolstered expectations that the Federal Reserve could pivot toward a more accommodative policy to support the economy.

Bitcoin Breaks $62K as Weak US Jobs Data Fuel Rate Cut Expectations 2

This is the second consecutive day of what traders are calling 'green July,' following a lackluster second quarter for crypto markets. The improved macro backdrop and rate-cut speculation are providing a tailwind for risk assets like Bitcoin.

Analysts suggest that if upcoming inflation data also comes in soft, the Fed may feel more confident to begin cutting rates as early as September, which could further boost crypto prices.

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

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