BTC Stays Above $61K: Has the Bottom Formed?

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Bitcoin bulls may make a run on $70,000 after weak US jobs data eased rate hike fears and capital looks to rotate into BTC and gold.

Soft US jobs market data triggered a rotation of capital from overheated AI stocks into Bitcoin and gold.

Bitcoin onchain indicators hint at seller exhaustion while the decline in oil prices opens room for monetary expansion.

Bitcoin reclaimed the $61,000 mark following a disappointing US job market report. Traders grew less certain of a near-term interest rate hike from the US Federal Reserve (Fed) given the worsening labor data. The tech-heavy Nasdaq index sold off, fueling hopes of a capital rotation favoring Bitcoin.

The Nasdaq 100 Index erased gains from the three prior days, while Bitcoin distanced itself from Wednesday’s $57,750 low. US non-farm payrolls increased by only 57,000 in June, missing the 113,000 expected, according to Yahoo Finance. The US Labor Department also revised data for April and May downward by 74,000 jobs.

Gold prices reacted positively on Thursday, hinting at potential bullish momentum for scarce assets. The weak economic data prompted investors to cut odds of Federal Reserve interest rate hikes by September to 54% from 64% the prior day, according to the CME FedWatch Tool. Meanwhile, crude WTI oil prices stabilized below $70, opening the door for possible economic stimulus measures

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