BTC Price Breaks $62K Barrier on Weak US Jobs Data and Short Liquidations

The price of BTC surged to $62K on July 3, breaking out of its prolonged slump. According to the source, analysts attribute this rally primarily to weak US jobs data, which was reported by the Bureau of Labor Statistics. The data showed just 57,000 new jobs in June, nearly half the forecasted 113,000.

Investors read the data as a signal for potential monetary easing, triggering a wave of short covering. Coinglass reported that about $450M in crypto shorts were liquidated over 24 hours.

However, institutional investors haven't rushed to support the bounce. Spot bitcoin ETFs posted net outflows of $294M on Wednesday, despite the price rise. June was a record month for ETF withdrawals at $4.5B, with the outflow streak being broken on July 2 with a $221.7M inflow.

Forecasts remain cautious, with some analysts predicting further downside to the realized price around $53K. Others, such as Standard Chartered, maintain their year-end targets of $100,000 for BTC and $4,000 for ETH.