Weak jobs report kills rate hike fears — Bitcoin and crypto primed for a bounce
The U.S. added only 57,000 jobs in June, which was much lower than expected. This weak data makes investors think the Federal Reserve won't raise interest rates, causing the dollar to drop and Bitcoin to bounce back above $61,000.
Idea
The June jobs report was shockingly weak, which forced the market to abandon expectations of a Fed rate hike. As a result, the dollar is on track for its biggest weekly drop in months. A weaker dollar historically pushes investors toward alternative assets, and Bitcoin has already responded by holding firm above $61,000 while avoiding further downside. With the dollar dropping and rate hike fears fading, this macro setup creates a favorable window for risk assets like Bitcoin to recover.
What happened since
| Symbol | Dir | T+1 | T+5 | T+20 |
|---|---|---|---|---|
| BTC | LONG | +0.88% ✓ | -0.47% ✗ | — |
Price change since publication · updated Jul 11