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Bitcoin Climbs Above $61,600 as Weak US Jobs Data Boosts Crypto Investor Sentiment

Bitcoin Climbs Above $61,600 as Weak US Jobs Data Boosts Crypto Investor Sentiment

Weaker-than-expected US payroll data eased rate hike concerns, helping cryptocurrencies recover.

Written by Rahul Dhingra, Edited by David Delima | Updated: 3 July 2026 14:22 IST

Bitcoin Climbs Above $61,600 as Weak US Jobs Data Boosts Crypto Investor Sentiment

Photo Credit: Unsplash/Kanchanara

Ethereum, Solana, and XRP joined Bitcoin’s rally after softer US economic data lifted sentiment

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Highlights

Rising exchange deposits point to possible market volatility
ETF inflows supported Friday’s crypto market recovery
Bitcoin faces resistance near the $62,600 level

Bitcoin traded near $61,600 (roughly Rs. 58.77 lakh) on Friday as the cryptocurrency market extended its recovery after weaker-than-expected US jobs data eased concerns over a near-term Federal Reserve rate hike. The world's largest cryptocurrency witnessed an increase of 2.28 percent in the last 24 hours, based on today's market data. Ethereum (ETH) was trading near $1,700 (roughly Rs. 1.64 lakh), reflecting broad-based gains across the crypto market. Bitcoin is currently priced around Rs. 58.77 lakh in India, while Ethereum trades near Rs. 1.64 lakh, as per today's Gadgets 360 price tracker.

According to market participants, Bitcoin continued to trade above the $61,500 (roughly Rs. 58.60 lakh) level as softer US labour market data improved expectations that the Federal Reserve may delay further rate hikes. Analysts noted that provisional spot Bitcoin ETF inflows and hopes of capital rotating into crypto following weakness in the Nasdaq supported sentiment. However, rising exchange inflows suggest volatility could remain elevated.

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Mirroring Bitcoin's recovery, Binance Coin (BNB) was priced around $561 (roughly Rs. 53,490), while Solana (SOL) traded near $81 (roughly Rs. 7,716). XRP hovered around $1.09 (roughly Rs. 104), and Dogecoin (DOGE) traded near $0.075 (roughly Rs. 7.2), indicating improving risk appetite among large-cap cryptocurrencies.

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ETF Inflows and Economic Data Shape Bitcoin's Near-Term Outlook

Sharing his assessment of current price action, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “A sell-off in Nasdaq fueled hopes of capital rotation into crypto, contributing to the recovery. However, investors must remain cautious. On-chain data shows Bitcoin exchange inflows have climbed above 50,000 BTC per day, along with Ethereum exchange inflows exceeding 1.25 million ETH. Historically, such spikes in exchange deposits have often been followed by increased volatility, including June's decline to $58,000 (roughly Rs. 55.26 lakh).”

Providing a broader view of current market conditions, Vikram Subburaj, CEO, Giottus.com, said, “The economy added 57,000 jobs, compared with expectations of 110,000. This reduced concerns over an immediate Federal Reserve rate increase. Institutional demand also improved [...] Investors should avoid chasing rallies and use staggered entries with disciplined position sizing until Bitcoin clears resistance and ETF demand strengthens.”

Commenting on the latest market trends, the CoinSwitch Markets Desk said, “Institutional demand remains weak due to persistent ETF outflows, while higher bond yields continue to compete with risk assets. The market is also divided on whether the recent low marks the end of the correction or merely a temporary bounce.”

Overall, analysts said the crypto market has strengthened after weaker US economic data eased expectations of an immediate Federal Reserve rate hike and improved investor sentiment. However, rising exchange inflows, mixed institutional participation, and key resistance near $62,100-$62,600 (roughly Rs. 59.16 lakh-Rs. 59.64 lakh) suggest volatility may persist before Bitcoin establishes a stronger upward trend.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ethereum, Crypto markets

Rahul Dhingra

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Rahul Dhingra is a crypto writer at Gadgets 360, where he covers the exciting world of Cryptocurrency, Blockchain, Defi and Web3. Before joining Gadgets 360, he worked as a content specialist for a European-based Crypto Exchange. Rahul loves storytelling, not just through the written word but also through the visual medium. Beyond his professional life, Rahul is a sports fanatic. Whether it’s cricket or football, his passion for the game is contagious. More