Bitcoin Tops $61K as Weak U.S. Jobs Data Fuels Market Reaction

$100K back in focus as weak jobs data lifts bitcoin sentiment

Matt Mena, senior crypto research strategist at 21Shares, said Thursday’s softer-than-expected U.S. employment report reinforces a bullish outlook for bitcoin, as cooling labor conditions ease pressure on the Federal Reserve to tighten policy further.

Mena noted that bitcoin — often seen as a key gauge of market liquidity and risk appetite — had already begun reflecting the weaker data ahead of its release. After briefly dipping toward a cycle low near $57,000, the asset rebounded and now appears well placed for a stronger second half of the year. Improving technical indicators, favorable July seasonality, and strengthening on-chain metrics could push bitcoin toward the $100,000 mark by year-end if current momentum holds.

U.S. job growth misses expectations

The U.S. economy added roughly 52,000–57,000 jobs in June, well below forecasts of around 110,000. May’s figure was also revised lower to 129,000 from an initial 172,000.

The unemployment rate edged down to 4.2%, slightly better than expectations of 4.3%, though this came alongside a drop in labor force participation to 61.5% from 61.8%.

Bitcoin held near $61,300 following the release, up about 4% over the past 24 hours.

Meanwhile, U.S. equity futures moved higher, with Nasdaq futures gaining around 0.7%. Treasury yields declined, with the 10-year falling to roughly 4.46% and the 2-year yield also easing.

Crypto outperforms ahead of jobs data

Ahead of the report, crypto markets showed unusual strength relative to traditional assets. Bitcoin rose about 4.5% to $61,100, while ether posted similar gains.

Solana led major tokens, climbing around 10% following the rollout of its first formal onchain governance system.

The jobs data was widely seen as a key factor in shaping expectations for potential Federal Reserve rate decisions at upcoming July or September meetings.

Global market backdrop remains mixed

Elsewhere, South Korea’s Kospi index dropped sharply, weighed down by significant losses in major chipmakers amid renewed concerns over AI-related demand.

Bitcoin, however, maintained its upward trajectory, climbing back above $61,000. Softer comments on inflation from policymakers contributed to a weaker U.S. dollar and steadier bond markets, supporting risk assets.

Exchange flows highlight weak retail activity

Binance recorded over $2 billion in net outflows over the past week, reflecting declining retail participation.

Data shows smaller bitcoin inflows (under 1 BTC) have fallen to record lows, signaling reduced activity from retail traders compared to previous market cycles.

Bitcoin tracks macro shifts and currency moves

Bitcoin traded above $60,000 during European hours as markets dialed back expectations of near-term rate hikes.

At the same time, the Japanese yen strengthened against the dollar, with the two assets showing a growing positive correlation. Currency market movements, alongside shifting rate expectations, continue to influence crypto price action.

Overall, softer U.S. labor data has boosted risk sentiment, helping bitcoin regain momentum while reinforcing expectations that monetary conditions could become more supportive in the months ahead.