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Bitcoin pushes above $62,000 as 24-hour gains continue
Bitcoin has moved past the $62,000 mark, touching an intraday peak of $62,170 and posting a 0.75% increase over the past day.
CoinDesk 20 Index records first three-day rally since mid-June
Markets are showing steady momentum during the U.S. holiday session. The CoinDesk 20 Index has climbed for a third consecutive day—its longest winning streak since mid-June—rising 1.61% since midnight UTC and extending total gains to 7.36%. All constituents are in positive territory, with bitcoin among the more modest movers. NEAR stands out with a 6.1% surge.
Broader altcoin activity is even stronger. The CoinDesk 80 Index has gained 2.3%, with only a handful of tokens in decline. Assets such as Decentraland, SPX6900, and Celestia are up more than 10%.
ETF outflows may reverse as macro pressures ease
Bitcoin ETF outflows could begin to reverse in July as macroeconomic conditions improve, according to Sygnum Bank strategist Can-Luca Köymen. Declining oil prices and easing inflation pressures—partly due to stabilized supply routes—have reduced the need for aggressive monetary tightening.
Recent remarks from Federal Reserve officials suggest a softer stance, while signs of a cooling labor market further support expectations of lower rate hike probabilities.
On-chain trends align with this outlook. Long-term holders are accumulating again, and large investors are increasing exposure during price dips—historically a sign of strategic entry points. With bitcoin trading below its 200-day average and prior cycle highs, valuations appear relatively attractive.
Sygnum expects ETF flows to turn positive this month, though seasonal liquidity could limit the scale of inflows. Meanwhile, a July 17 congressional hearing on the CLARITY Act could act as an additional market catalyst if progress is made.
Bitcoin heads for strongest week since April, but key level remains unmet
Bitcoin is on track for its best weekly performance since late April, with gains approaching 4%. Despite this, it has recorded only three positive weeks out of the last ten.
The asset continues to hold above the critical $60,000 support level but remains below its 200-week moving average, currently near $62,660.
Bitcoin rebounds as semiconductor trade cools
There are early signs that capital may be rotating back into bitcoin as semiconductor and memory stocks lose momentum. Funds like the VanEck Semiconductor ETF and Roundhill Memory ETF, which led equity gains this year, have recently pulled back.
The Roundhill Memory ETF has dropped roughly 25% from its late-June peak, while the semiconductor ETF is down about 12%. Over the same period, bitcoin rebounded from below $58,000 to above $61,000.
Weak U.S. jobs data lifts bitcoin and precious metals
Disappointing U.S. employment figures have led traders to scale back expectations for near-term rate hikes. Only 57,000 jobs were added in June, well below forecasts.
As a result, the Federal Reserve is now expected to keep rates steady through September, with a potential hike pushed to October. This shift has boosted risk assets and commodities, with bitcoin climbing above $61,000, gold surpassing $4,100 per ounce, and silver rising past $62.
Bitcoin still below key 200-week average despite recovery
Although bitcoin has rebounded from recent lows near $58,000, it remains below the important 200-week simple moving average at approximately $62,660—a level widely viewed as a key indicator of long-term trend reversal.
The recent recovery has coincided with renewed demand for spot ETFs, suggesting potential for further upside. However, a decisive break above this level is needed to confirm a sustained bullish trend.
Loss-making supply surpasses profitable holdings, signaling potential cycle bottom
On-chain data shows that around 10.83 million BTC are currently held at a loss, exceeding the 9.22 million in profit. This marks the first such crossover in the current cycle and reflects the depth of the correction from January’s peak.
Historically, similar conditions have aligned with periods of market capitulation and long-term accumulation by stronger holders. Bitcoin is currently trading near $61,361, up modestly on both daily and weekly timeframes, though still significantly below its previous highs.
Whether this signals a market bottom will depend on upcoming catalysts, including ETF inflows and improving macro conditions, which could turn accumulation trends into sustained price growth.
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