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Bitcoin rebounds to nearly $64,000, ETF buyers return

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CoinWorld News, Bitcoin's price on July 6 was close to $62,990, rebounding nearly 10% from its low on July 1. The rebound was driven by weak U.S. employment data, falling oil prices, and a weekend short squeeze, as traders returned to risk assets. The June nonfarm payrolls report showed only 57,000 new jobs, far below the expected 110,000, reducing market expectations for further tightening by the Federal Reserve. Meanwhile, crude oil prices fell below $69 per barrel on Monday, with OPEC+ planning to increase production by 188,000 barrels per day, fueling concerns of oversupply. After 10 days of outflows, Bitcoin ETFs saw net inflows of over $220 million, boosting market sentiment. Analyst Ted Pillows noted that the support range of $62,500 to $62,800 remains a key focus; if it holds, Bitcoin's next target will be $65,000.
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GateUser-318a7dc8
· 8h ago
OPEC+ boosts production to crash oil prices, indirectly cooling inflation—this gives “Uncle Baoshi” (Fed Chair Powell’s nickname) yet another reason to turn dovish, and BTC tags along to “drink the soup.”
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L2Mailman
· 9h ago
ETF has finally started to see inflows. Ten consecutive days of net outflows have really worn people down.
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StopLossSparrow
· 9h ago
If the 62,500 level can hold, 65k is indeed expected, but weekend liquidity is too thin, beware of fake breakouts.
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GateUser-7df43e29
· 9h ago
As soon as the nonfarm payroll data came out, the market's expectations for a September rate cut rose again, and risk assets collectively cheered.
View OriginalReply0

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