Bitcoin climbed above the $61,000 mark and the recovery was led by macro data, as weaker U.S. jobs numbers increased expectations that the Federal Reserve may shift toward a less restrictive policy stance. The cryptocurrency was trading at $61,739 mark.
In the past 24 hours, Bitcoin was up 2.80% and Ethereum was up 6.24% to trade at $1,716 mark. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano gained upto 6.68%.
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Riya Sehgal, Research Analyst, Delta Exchange said the move is still a relief rally, not a confirmed reversal. For Bitcoin, $62,200 is the first resistance. A sustained move above this level can open room toward $64,000–$65,000.
ETF flows have improved for Bitcoin but remain uneven, while Ethereum ETF flows are largely flat, Sehgal further said. Bitcoin picked up to $62,000 after whales added 270,000 BTC, forcing $130M short losses and the fear and greed index has risen to 22, as the market sentiments improve but still remain under fear, said CoinDCX Research Team.
The global crypto market capitalisation went up 2.64% to $2.13 trillion, according to CoinMarketCap.
In the past week, Bitcoin and Ethereum were up 1.97% and 8.68% respectively. Among the major altcoins, XRP, Solana, Hyperliquid, Dogecoin, and Cardano gained upto 14.91% whereas BNB and Tron were down 1.25% and 1.15% respectively.
CoinSwitch Markets Desk said BTC staged a rebound towards $62K, driven primarily by a short squeeze. However, the broader backdrop remains mixed. Institutional demand remains weak due to persistent ETF outflows, while higher bond yields continue to compete with risk assets.
The next major directional move will likely depend on macroeconomic conditions, institutional flows, and whether BTC can sustain momentum above $62K toward the $65K resistance, CoinSwitch Markets Desk further said.
Here is what other analyst say
Avinash Shekhar, Co-Founder & CEO, Pi42: Bitcoin’s rebound following weaker-than-expected U.S. jobs data underscores how closely crypto markets are tracking macroeconomic expectations. For investors, the conversation is gradually shifting from “how low can prices go” to “when does liquidity begin returning to the market.
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Nischal Shetty, founder, WazirX: Bitcoin recovered above the $60,000 mark as investors responded positively to expectations of a more accommodative monetary policy, while Ethereum ETFs recorded fresh inflows, signalling renewed institutional interest.
Vikram Subburaj, CEO, Giottus: The recovery above $60,000 has helped stabilise market sentiment. This follows this week's decline towards $58,000. However, it is still not enough to confirm a durable trend reversal.
Akshat Siddhant, Lead quant analyst, Mudrex: On-chain data shows Bitcoin exchange inflows have climbed above 50,000 BTC per day, along with Ethereum exchange inflows exceeding 1.25 million ETH. Historically, such spikes in exchange deposits have often been followed by increased volatility, including June’s decline to $58,000.
( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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