Bitcoin price taps new July high above $62K on weak US jobs data
Bitcoin (BTC) passed $62,000 at Thursdays Wall Street open as crypto reacted to weak US employment figures. Key points:US nonfarm payrolls data delivers a crypto market boost as job additions for June fall short.Investors eye an easing in the inflation outlook as optimism over BTC prices increases.Crypto begins its forecast “green July” by liquidating nearly $500 milllion of short positions. Bitcoin gains amid “volatile situation” for US labor market Data from TradingView showed new July highs of $62,137 on Bitstamp, with BTC/USD up nearly 4% on the day.BTC/USD four-hour chart. Source: Cointelegraph/TradingView The latest nonfarm payrolls data from the Bureau of Labor Statistics (BLS) showed that the US added far fewer jobs than expected in June, at 57,000 versus the anticipated 114,000. “Both the unemployment rate, at 4.2 percent, and the number of unemployed people, at 7.1 million, changed little in June,” an official news release stated.US unemployment data. Source: BLS The jobs numbers painted a weak picture of the labor market — a potential tailwind for risk assets should the Federal Reserve loosen financial policy as a result. “Mays jobs number was also revised down by -43,000 jobs,” trading resource The Kobeissi Letter noted in a reaction on X. “The labor market remains in a volatile situation.” As