Weak jobs report kills rate-hike fears — Bitcoin ripe for a breakout
The latest jobs report was surprisingly weak, which means the Federal Reserve is less likely to raise interest rates. When borrowing costs stay low, it pushes investors toward higher-risk, higher-reward assets like Bitcoin, which is already rallying on this exact news.
Idea
The June jobs report showed only 57,000 jobs added, signaling a rapidly cooling labor market. According to Bloomberg, this immediately dimmed expectations for Fed rate hikes, causing bonds to rally. Lower interest rates reduce the opportunity cost of holding non-yielding assets like Bitcoin, which CoinDesk notes already broke above $61,000 as inflation fears soften. Connecting the weak jobs data to Bitcoin's current momentum creates a clear bullish macro thesis: a slowing economy keeps the Fed dovish, providing a perfect liquidity backdrop for risk assets like Bitcoin to push higher.
What happened since
| Symbol | Dir | T+1 | T+5 | T+20 |
|---|---|---|---|---|
| BTC | LONG | +0.88% ✓ | -0.47% ✗ | — |
Price change since publication · updated Jul 11