Bitcoin hit its lowest level in nearly two years Wednesday — $57,779 — before bouncing back to $60,000. That’s a 2.8% rebound, but still roughly 52% below the all-time high of $126,000 set back in October 2025.
The trigger? Soft U.S. economic data. Private employers added just 98,000 jobs in June, below forecasts. The ISM manufacturing index fell. The prices-paid gauge dropped from 82.1 to 73 — a sign inflation pressure might be cooling. Fed Chair Kevin Warsh didn’t commit to anything on rates. The two-year Treasury yield stayed flat.
Basically, the market got a break from the hawkish narrative that’s been crushing crypto all month.
June was brutal. U.S. spot Bitcoin ETFs lost a record $4.5 billion. That was Warsh’s doing — his first meeting as chair took rate cuts off the table and sent Bitcoin sliding.
But Glassnode data shows long-term holders have started accumulating again. Spot orderbooks on Binance and Coinbase are bid-heavy. Analyst Chris Beamish calls it “the early stages of a bottoming process,” though he warns a final capitulation spike is still possible.
Oobit CEO Amram Adar makes a good point though: stablecoin payments aren’t tied to Bitcoin’s volatility anymore. Two distinct markets now — speculators and people who just want digital dollars that work. Stablecoin adoption keeps growing regardless of Bitcoin’s swings.
The big question now is Friday’s jobs report. Soft number? Rally continues. Hot number? Back toward the lows.
