Bitcoin pushed to a fresh July high on Friday, touching $62,295 on Bitstamp — its strongest level since June 24. The move comes as global equities keep setting new records.
The Dow Jones closed at an all-time high ahead of the US Independence Day holiday. Global stock market cap also hit new peaks. Trading resource The Kobeissi Letter called it one of the most powerful rallies in history.
BTC’s price action is getting interesting. The 200-week simple moving average sits at $62,652, and that’s the line traders are watching for the weekly close. Trader Daan Crypto Trades said it’s key for Bitcoin to hold this breakout and maintain its bullish structure. Another commentator, Exitpump, described the market as seeing “controlled slow buying” on exchanges, with $62K to $62.5K as a strong resistance area.
On the macro side, weak US nonfarm payrolls data helped fuel the rebound. The thinking goes: bad economic news is good for risk assets if it keeps the Fed from hiking rates again. CME Group’s FedWatch Tool shows roughly equal odds of a pause or a hike at the September meeting. Rates are expected to stay put until then.
Mosaic Asset Company called the jobs report a “Goldilocks” figure — not cold enough to spark growth fears, not hot enough to pull more hikes forward. For now, Bitcoin’s tracking that narrative.
