Bitcoin hits $62.3K as global stocks reach all-time highs
In brief
- Bitcoin reached $62,295 on Bitstamp, highest since June 24
- Global stock market cap hit new all-time highs Friday
- Weak US nonfarm payrolls data fueled crypto and equity rebound
- Traders watch $62K-$62.5K resistance and 200-week moving average at $62,652
Record Equity Highs Drive Risk Appetite
Data from TradingView showed BTC/USD reaching $62,295 on Bitstamp, its highest since June 24. The move coincided with a broader rally in traditional markets. The Dow Jones closed at record highs the day prior to the US holiday, while the global stock market cap also hit new all-time highs.
The Kobeissi Letter, a trading resource, noted that "global equities are in the midst of one of the most powerful rallies in history." This surge in traditional equities has historically correlated with renewed appetite for alternative assets like Bitcoin.
Weak Jobs Data Shifts Fed Expectations
Weak US nonfarm payrolls data helped fuel the crypto rebound. The softer labor market reading shifted expectations around Federal Reserve policy. CME Group's FedWatch Tool showed roughly equal odds of a pause or hike at the Fed's September meeting, reducing near-term uncertainty about rate hikes.
Technical Levels to Watch
Traders are eyeing key resistance and support levels as Bitcoin consolidates near its nine-day high. X commentator Exitpump flagged the $62K to $62.5K zone as a strong resistance area, noting "looks good for continuation higher, although keeping in mind 62K - 62.5K as a strong resistance area."
Trader Daan Crypto Trades focused on the 200-week simple moving average at $62,652 for the weekly candle close—a level that could determine whether bulls maintain their momentum into the following week.
