Bitcoin (BTC) was close to above $62,000 on Thursday after US payrolls grew by 57,000 in June, about half of what economists had expected. The miss prompted the Federal Reserve to reduce expectations and forced traders to exit short positions.
The reversal came days after Bitcoin closed its worst month since June 2022, down 20.5%. Whether the jump reaches $70,000 now depends on Fed policy, ETF movements, and whale activity on the exchange.
Weak Activity Data Explains Why Bitcoin Jumped to $62,000
The Bureau of Labor Statistics counted 57,000 new jobs in June, below the consensus of 113,000. According to reportApril and May payrolls were also revised down by 74,000, with the workforce falling from 61.8% to 61.5%.
Therefore, traders reduce the possibility of further hikes by the Fed they have also been converted into dangerous weapons. The data also came a day after Fed Chair Kevin Warsh said inflation risks had eased, a statement that supported Bitcoin. return the rate of $60,000 on the third.
Derivatives amplified the movement. About $450 million in cryptocurrency was removed within 24 hours, CoinGlass data shows, as the bears ran to hide.
Bitcoin now sales average $61,465up to 1.18% in 24 hours, but despite this, BTC remains 51% below its October 2025 record of $126,080 and below 44% last year.
ETF Outflows and Whale Deposits Cloud the Road to $70,000
Institutional demand did not justify its rise. Spot Bitcoin ETFs posted $294 million in net outflows on Wednesday, the market showed, even as prices rose. The redemption extended June’s record $4.5 billion outflow, the items’ worst month on record.
The idea is running out though. Fear and Greed CoinMarketCap’s index has changed from Very Fearful to Fearful.
Similarly, Tiger Research he said has turned into a bullish, opposing market should be in the final phase of its bearish streak.
Separately, however, CryptoQuant showed new warning signs for the exchange.
“Bitcoin is testing the $60K support, and exchange deposits are warning signs. BTC inflows jumped above 50K/day, ETH inflows spiked above 1.25M, and altcoin deposits reached a two-month high. The fish seem to be leading the way. Instability is coming,” analysts he wrote in the post.
The company added that the average size will double from 1 BTC to 2 BTC, a feature driven by whales rather than sales. His warning follows raising signs of capitulation tracked on-chain data this week.
In the past, similar spikes have led to sharp moves, including June’s slide in Bitcoin it dropped to $58,000. Failing to hold $60,000 can reveal the price realized near $53,000, which CryptoQuant calls the secret of the chain calculation.
A sustained push to $70,000 will probably require ETFs to improve and the July FOMC meeting to confirm rate bets.
Until then, the retracement of the 20-day EMA remains the first test for the bulls, while $60,000 remains the line the entire market is watching.
RSI Rebound Indicates Selling Pressure Is Ending
The daily Relative Strength Index (RSI) has risen to 43.76, holding above its signal line at 35.59. The index dropped near its highs in mid-June, and its recovery shows that the bears are losing control.
Pushing above 50 would confirm the change, especially if The broader market continues to rise.
BTC is facing resistance at $62,000, supported by the 20-day EMA at $62,148 and the Parabolic SAR at $62,523. A daily close above it could send the price to the 50-day EMA near $66,200, a gain of 7.7%.
However, enter the ETF output can reduce the need, though tall models point upwards. A rejection here would risk a retest of $58,115, and a loss below would lead to a recovery.
A note Why Bitcoin Jumped to $62,000 and What It Will Take to $70,000 appeared for the first time BeInCrypto.
