Bitcoin Price Movement
Bitcoin edged above the $62,000 level on Friday, trading 1.9% higher at $62,010.0 by 08:49 ET (12:49 GMT). This price action extended a rebound from the week’s 21‑month low of just under $58,000 and positioned the cryptocurrency for an estimated 3% gain for the week.
U.S. Labor Data and Fed Outlook
The rally was underpinned by softer U.S. jobs data that suggested cooling employment conditions. Market participants interpreted the data as reducing the likelihood of an imminent Federal Reserve interest‑rate hike, which in turn lowered borrowing costs for risk‑sensitive assets such as cryptocurrencies.
Spot Bitcoin ETF Flows
According to SoSoValue, U.S. spot Bitcoin exchange‑traded funds recorded net inflows of $221.7 million on July 2. This inflow ended a sequence of ten consecutive sessions of net withdrawals, providing fresh liquidity to the market and supporting the price recovery.
Recent Performance Context
Bitcoin has lost more than 30% of its value during the first half of 2026, marking its weakest six‑month performance in years due to weakening institutional demand.
Analyst Commentary
An IG analyst noted that the medium‑term outlook hinges on whether forthcoming data will be strong enough to compel the Fed to shift from its generally hawkish stance, especially given the rarity of single‑rate‑hike cycles.
Altcoin Activity
Broad‑based buying was observed across most altcoins. Ethereum rose 4.3% to $1,734.55, Cardano surged 5.1%, XRP increased 1.2% to $1.1059, Solana ticked up 0.1%, and meme token Dogecoin gained 2.1%.
Reporting Credit
The article was contributed by Scott Kanowsky.