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Bitcoin moves above $62,000 as short-term gains build
Bitcoin has climbed past $62,000, hitting an intraday high of $62,170 and gaining roughly 0.75% over the past 24 hours.
CoinDesk 20 logs first three-day advance since mid-June
Markets are trending higher during the U.S. holiday session, with the CoinDesk 20 Index rising for a third straight day—its longest streak in weeks. The index is up 1.61% since midnight UTC, extending total gains to 7.36%. All constituents are in the green, though bitcoin is among the smaller movers. NEAR leads with a 6.1% jump.
Smaller-cap tokens are outperforming, with the CoinDesk 80 Index up 2.3%. Only a few assets are in decline, while names like Decentraland, SPX6900 and Celestia have surged more than 10%.
ETF outflows could flip as macro backdrop improves
Bitcoin ETF outflows may reverse in July as macroeconomic pressures ease, according to Sygnum Bank strategist Can-Luca Köymen. Falling oil prices and cooling inflation have reduced pressure on the Federal Reserve to maintain a hawkish stance.
Recent Fed commentary and signs of a softer labor market point to lower rate hike expectations. At the same time, on-chain data shows long-term holders accumulating again, while large investors continue buying into weakness—historically a bullish signal.
With bitcoin still trading below its 200-day average and prior cycle highs, valuations appear relatively attractive. Sygnum expects inflows to return, though likely at a gradual pace due to seasonal liquidity. A July 17 hearing on the CLARITY Act could also serve as a potential catalyst.
Bitcoin eyes strongest week since April but faces resistance
Bitcoin is on track for its best weekly gain since late April, rising करीब 4% so far. However, it has recorded only three positive weeks in the last ten.
While holding above the $60,000 support level, the asset remains below its 200-week moving average near $62,660, a key resistance level.
Crypto rebounds as semiconductor trade cools
Bitcoin is recovering as momentum fades in semiconductor and memory stocks. ETFs tracking the sector, including the VanEck Semiconductor ETF and Roundhill Memory ETF, have pulled back after leading much of this year’s rally.
The memory-focused ETF has dropped about 25% from its late-June high, while the semiconductor fund is down around 12%. Meanwhile, bitcoin has rebounded from below $58,000 to above $61,000.
Weak jobs data lifts bitcoin and metals
A softer-than-expected U.S. jobs report has dampened expectations for near-term rate hikes. The economy added just 57,000 jobs in June, missing forecasts by a wide margin.
Markets now expect the Fed to hold rates steady through September, with any hike likely delayed until October. This shift has supported risk assets and commodities, sending bitcoin above $61,000, gold past $4,100 per ounce and silver above $62.
Bitcoin recovery continues, but key trend level remains intact
Despite rebounding from recent lows, bitcoin is still trading below its 200-week simple moving average, currently near $62,660—a critical level for confirming a broader bullish trend.
Renewed demand for spot ETFs is supporting the recovery, but a sustained move above this threshold is needed to signal a stronger uptrend.
More bitcoin held at a loss, echoing past cycle bottoms
On-chain data shows that approximately 10.83 million BTC are now held at a loss, surpassing the 9.22 million in profit. This shift highlights the scale of the recent correction from earlier highs.
Historically, such conditions have marked periods of capitulation followed by accumulation from long-term holders. Bitcoin is currently trading near $61,361, posting modest daily and weekly gains but still well below previous peaks.
Whether this signals a market bottom will depend on continued ETF inflows and improving macro conditions.
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