Bitcoin surged past $60,000 on Monday, snapping a prolonged slide that had dragged the asset to its lowest level in nearly two years. The rebound came as softer-than-expected U.S. jobs and factory data revived bets that the Federal Reserve could ease its aggressive rate-hiking cycle, according to Decrypt.
The move marks a sharp reversal from last week's lows, with Bitcoin now trading 52% below its all-time high. On-chain data shows the rally was accompanied by a spike in spot buying volume, though analysts caution that the $60,000 level may act as both a magnet and a ceiling. Decrypt noted that the recovery from the 21-month trough was driven by 'soft data' that temporarily cooled rate-hike fears.
From a regulatory perspective, the Fed's policy trajectory remains the dominant macro driver for crypto markets. While the softer data provided a short-term relief valve, the central bank has not signaled a definitive pivot, and any hawkish surprise could reverse gains. CryptoNews highlighted that an analyst warned of a potential drop to $40,000 if support fails, citing bearish chart patterns heading into Q3 2026.
Bitcoin's move above $60,000 brings its market cap to roughly $1.18 trillion, according to CoinGecko data, still trailing its November 2021 peak of $1.28 trillion. The asset's dominance rate edged up to 49%, reflecting a modest rotation out of altcoins. Correlation with equities remains elevated, with BTC tracking the S&P 500's reaction to macro data releases.
Community sentiment is split: some traders view the bounce as a relief rally within a broader downtrend, while others see it as confirmation of a double-bottom pattern near $58,000-$60,000. Competing protocols like Ethereum remain range-bound, with ETH hovering around $3,300, suggesting the market is not yet in a broad risk-on mode.