Bitcoin Rebounds to $60K as Soft US Data and Fed Comments Ease Rate Fears
Bitcoin recovered to around $60,000 on Wednesday after dropping below $58,000, its lowest level since September 2024. The rebound followed weaker-than-expected U.S. jobs and factory data, along with noncommittal comments from Fed Chair Kevin Warsh, which eased fears of further rate hikes. Private employers added only 98,000 jobs in June, below forecasts, and the ISM manufacturing index fell to 53.3, with its prices-paid gauge dropping sharply. This capped a brutal June for Bitcoin, which saw U.S. spot ETFs lose a record $4.5 billion. Despite the overall decline, Glassnode data indicates long-term holders have returned to accumulation and spot order books have turned bid-heavy, suggesting early stages of a bottoming process. Stablecoin payments continue to grow independently of Bitcoin's volatility, with demand increasing month over month. The sustainability of the bounce may depend on upcoming U.S. jobs data.
Key facts
- Bitcoin fell to $57,779 before rebounding 2.8% to $60,000.
- Soft ADP jobs and ISM manufacturing data eased rate hike fears.
- Fed Chair Kevin Warsh gave noncommittal comments on future rate moves.
- U.S. spot Bitcoin ETFs saw record $4.5 billion outflows in June.
- Glassnode data shows long-term holders accumulating despite price drops.