Bitcoin touches $63,882 overnight, retreats as sellers step in
In brief
- Bitcoin hit intraday high of $63,882 before retreating to $62,900
- Weaker U.S. jobs data reduced Federal Reserve rate hike odds
- July 14 CPI release is next key event for Bitcoin's rally
Price Action
Bitcoin touched $63,882 overnight before retreating to around $62,900, per CoinDesk data. The intraday high held briefly before sellers pushed it back down, leaving the asset near $62,900 at the time of writing.
Macro Backdrop
The move higher came on the heels of Thursday's softer-than-expected jobs report. A weakening jobs market makes a Fed hike less likely and gradually shifts the backdrop that had pushed ETF investors out of Bitcoin through June. That shift in sentiment can lift risk assets when expectations for monetary tightness ease.
What's Next
The July 14 CPI release is the next data point that could either extend the relief or further cap an early-July rally. If inflation data comes in hot, it could reinforce expectations for higher rates and pressure Bitcoin again. A cooler print might extend the week's early strength.
