Bitcoin cleared the $60,000 mark following a weaker-than-expected June jobs report from the Bureau of Labor Statistics, which showed payrolls grew by just 57,000, unemployment rose to 4.2%, and labor-force participation slipped to 61.5%. The cryptocurrency was attempting to breach $64,000 as of June 6, according to CryptoSlate.
The dollar index fell 0.56% to 100.83, reflecting a broad sell-off in the greenback as traders recalibrated their Fed outlook. September Fed-hike odds dropped from 67% to 54%, suggesting the market is pricing in a higher probability of looser monetary policy, a tailwind for risk assets like Bitcoin.
Macroeconomic indicators continue to dominate crypto price action, with the latest labor data amplifying recession fears. The combination of rising unemployment and declining participation rates could accelerate the Fed's pivot toward rate cuts, historically a bullish signal for Bitcoin's trajectory toward $70,000.
Bitcoin's market cap has recovered alongside the price rally, though its dominance over altcoins remains steady near 50%. The correlation with tech-heavy equities has strengthened this week as both asset classes react to the same macro signals, while gold also gained 0.8% on the weaker dollar.
Some analysts caution that the jobs data may be a one-month anomaly, with seasonal adjustments and survey errors potentially distorting the headline number. If subsequent reports show a rebound, the rate-cut narrative could unwind quickly, reintroducing headwinds for Bitcoin's rally.