Bitcoin surged past $62,000 over the weekend after a weak US jobs report dampened expectations for a Federal Reserve rate hike. The Bureau of Labor Statistics reported June payroll growth of just 57,000, well below forecasts. The move is seen as a relief rally, with the asset now testing a key resistance zone near $66,000.
Traders remain guarded despite the upward momentum. Options desks pricing Bitcoin futures are signaling continued hedging against another downturn, suggesting the broader market lacks conviction. The report's soft payroll figure could stoke hopes for a more accommodative Fed, but the relief rally may prove short-lived.
The rally has lifted sentiment across altcoins like BONK, which some analysts predict could see a 21% to 46% bounce. However, a renewed Bitcoin sell-off could quickly extinguish that flicker of hope and send the meme coin sliding again.
Analysts warn that without a clear break above $66,000, Bitcoin's recovery risks stalling. The market remains tethered to macro data, and any shift in Fed rhetoric could reverse the weekend's gains. The current price action reflects a cautious optimism, not a durable trend.