Softer-than-expected US economic data has become a key driver for Bitcoin's recent momentum. The Bureau of Labor Statistics reported June payrolls grew by just 57,000, while unemployment rose to 4.2% and labor-force participation dipped to 61.5%. These signs of a cooling labor market pushed the dollar index down 0.56% to 100.83 and lowered expectations for a September Federal Reserve rate hike, with odds falling to 54% from 67%. Against this backdrop, Bitcoin reclaimed the $60,000 level and was attempting to break through $64,000 as of June 6. Analysts suggest the cryptocurrency's path toward $70,000 may increasingly depend on macroeconomic factors, including energy and fuel prices, as geopolitical concerns tied to Iran begin to ease. The shifting focus highlights how monetary policy expectations and broader economic indicators continue to shape Bitcoin's near-term trajectory.
— Sponsored —
Trade smarter on BYDFI
Get a bonus on your first deposit — from $50 at $100, up to $2,000 at $20k. 200x leverage, 600+ perpetuals, deep liquidity.