Weak jobs crush the dollar and long-term holders buy the dip — Bitcoin breakout fuel
Bitcoin is rebounding above $61,000 as large, long-term investors quietly buy up coins even while ETF outflows continue. The weak jobs report is pushing the U.S. dollar lower, which historically acts as rocket fuel for Bitcoin's price.
Idea
Bitcoin has been under pressure, but it just reclaimed $61,000 because long-term holders are aggressively accumulating beneath the surface despite steady ETF outflows. Today's dismal jobs report added a second catalyst: a sliding U.S. dollar. Since Bitcoin is priced in dollars, a weaker dollar makes it cheaper for global buyers. Connecting the dots — dedicated buyers absorbing ETF selling pressure plus a falling dollar from fading rate-hike hopes — sets up a favorable backdrop for Bitcoin to push toward the $65,000 level that traders were previously questioning.