Overnight on July 6, bitcoin hit a two-week high of $63,900. The editorial team breaks down everything happening in the crypto market at the start of the new week.
At the time of publication, bitcoin (BTC) trades at roughly $62,600, with virtually flat movement over 24 hours. Earlier today, however, the cryptocurrency jumped from $62,500 to $63,900.
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Ethereum (ETH) briefly topped $1,800 before pulling back to $1,750. Over the past seven days, the leading altcoin is up more than 12%.
Total crypto market cap rose less than 1% over 24 hours to $2.23T. Among the top 100 altcoins, DeXe (DEXE▲$23.20) led daily gains at +14.5%, while Audiera (BEAT▼$2.74) posted the sharpest drop at -12%.
The Crypto Fear and Greed Index rose to 24 out of 100–still in “extreme fear” territory–suggesting reduced selling inclination among participants.
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US Labor Market: The Main Driver of Bitcoin’s Run to $64K
The Bureau of Labor Statistics reported that the US economy added just 57K jobs in June–nearly half the 113K forecast. April and May figures were revised downward by 74K jobs.
Investors read the data as a signal for potential monetary easing. US Treasury yields fell, and the dollar weakened, reducing bitcoin’s carrying cost and accelerating its exit from the bearish trend that dominated June.
The next key event will be inflation data on July 14.
Bitcoin ETFs and Liquidations: What’s Preventing a Hold Above $64K
The rally was amplified by a classic short squeeze–forced short covering pushed prices higher, triggering liquidations for another wave of shorts. Coinglass reported about $450M in short liquidations over 24 hours.
Forced margin position closures always create sharp price swings but rarely generate stable organic demand. The crypto market enters the Q3 with reduced liquidity, which could amplify volatility in either direction.
Last week marked the eighth consecutive week of the U.S. spot bitcoin ETF outflows: $526M exited during the week, bringing total outflows to over $8B over eight weeks. Institutional flows have yet to confirm the move’s sustainability. Standard Chartered maintains its $100K bitcoin year-end forecast.
