Bitcoin is still above $62,000 on July 5 2026. It has bounced back a little from a low of $57,750 this week which was its lowest in almost two years.
All the big economic data, changes in what people think the Fed will do and stories about money moving around are making things very unpredictable, for Bitcoin.
Bitcoin Climbs Back Above $62K: What’s Driving the Rally?
Pressure Mounts on the Fed to Slow Its Pace
US nonfarm payroll growth was really low in June at 57,000 jobs. People were expecting 114,000 jobs. Also the numbers for April and May were cut by 74,000. This news surprised everyone. The surprise made people think the Fed might not raise interest rates in September. The chance of a rate hike went from 64% to 54%.
This change made 2-year bond yields go down. It also helped risk assets, like Bitcoin. The Bitcoin price went up. Crossed the $60,000 mark again.
Are ETF Outflows Starting to Slow Down?
of $104 billion.. Some people at CoinShares think that the selling from big investors also called “whales” has slowed down.
In words the $6.5 billion sell-off from ETF investors over two months might have ended.
In fact the start of July is looking more stable. ETF flows over 7 days are now positive, at $1.24 billion. The big investors or “whales” seem to have finished selling. The market is showing signs of calm.
Will Taxes and Regulations Slow Market Growth?
People who trade are watching the US tax rules that are coming out very closely because these rules could affect cryptocurrencies. They are also waiting to see what happens with the Senate vote on the CLARITY Act, which might happen after July 13th. The rules for cryptocurrencies are still not clear. This is a big problem, for the whole crypto market. The crypto market is having a time because of these unclear rules.
Key Bitcoin Price Levels to Watch
The Bitcoin price is going up and down between $62,680 and $63,140. This is a thing because Bitcoin is up by 5.15% for the week.
The overall feeling in the market is that people are being careful. They are not doing anything they are just holding on to what they have.
When we look at the ETFs we see that things are getting a little better.. We should remember that June was a really bad month for Bitcoin ETFs. To know for sure if things are going to keep getting better we need to see a lot of money going into Bitcoin ETFs for least 5 days in a row.
Some people who have a lot of Bitcoin called whales have sold a few of their Bitcoins. They got rid of 6,000 Bitcoins.. This is not a big deal because they are not selling all of their Bitcoins at once. They are just selling a few, which’s a good sign.
The way Bitcoin is working on the blockchain is strong. The network is working fast and Bitcoin is still the most popular cryptocurrency at 56.3%.
So what happens next? Some people think Bitcoin will go up to $65,000 or even $70,000.. Other people are not so sure and think Bitcoin will just stay around $56,000 to $62,000. This is especially true because there is a meeting, on July 28th-29th that might affect the Bitcoin price. Bitcoin is still a mystery. We have to wait and see what happens to the Bitcoin price. Bitcoin will be the one to watch.
What People Are Asking About
Why did Bitcoin go up past $62,000? It is because the weak June jobs data made people think that the Fed will not raise interest rates and that made people feel better about taking risks in the market.
Are ETF outflows over? It is hard to say for sure. The outflows, in June were really big. Now it seems like the selling might be slowing down a bit.
