Bitcoin climbed back above $62,000 on Thursday after weaker-than-expected U.S. employment data reduced concerns about another Federal Reserve interest-rate increase.
The world’s largest cryptocurrency was trading 4.3% higher at approximately $62,003.70 by 09:50 ET, or 13:50 GMT.
Crypto Market Remains Under Pressure
Despite Thursday’s recovery, the wider cryptocurrency market remains under pressure following an extended selloff.
Persistent withdrawals from U.S. spot Bitcoin exchange-traded funds and declining investor appetite for risk have weighed heavily on digital assets.
Bitcoin lost more than 30% during the first six months of 2026.
U.S. Economy Adds Only 57,000 Jobs
The latest U.S. nonfarm payrolls report showed that employers added just 57,000 jobs in June.
That was sharply below the 115,000 increase expected by economists surveyed by Dow Jones.
May’s payroll gain was also revised lower to 129,000.
The weaker figures suggest that momentum in the U.S. labour market is slowing more quickly than previously expected.
Unemployment Rate Falls to 4.2%
The unemployment rate declined to 4.2% from 4.3% in May.
However, it remained slightly above the 4.1% rate recorded one year earlier.
The combination of weaker hiring and lower unemployment created a mixed picture for Federal Reserve policymakers as they assess the strength of the economy.
Weak Payrolls Ease Fed Rate-Hike Fears
Recent data had encouraged the view that the U.S. labour market was becoming more resilient.
However, the June jobs report challenged that narrative and reduced pressure on the Federal Reserve to raise borrowing costs during the summer.
Fed officials have remained relatively positive about economic growth but continue to express concern about persistent inflation.
Kevin Warsh Maintains Focus on Inflation
Federal Reserve Chairman Kevin Warsh described the employment picture as steady during remarks on Wednesday.
He also repeated the central bank’s commitment to returning inflation to its 2% target.
U.S. inflation has remained above that level for five consecutive years. Recent price pressures have been partly linked to the conflict with Iran and the continuing effects of tariffs.
Markets Reduce Bets on Higher Interest Rates
Investors largely expect the Federal Reserve to keep interest rates unchanged during the summer.
Following the jobs report, traders removed most expectations for an interest-rate increase in September.
However, futures markets tracked by the CME FedWatch tool continued to indicate a possibility of a policy move in October.
Lower borrowing costs are generally considered supportive for Bitcoin and other speculative assets because they can improve investors’ willingness to take risks.
Institutional Demand for Bitcoin Remains Weak
Bitcoin has struggled throughout 2026 because of slowing institutional demand and limited progress on cryptocurrency legislation in the United States.
Geopolitical uncertainty surrounding U.S.-Iran negotiations has also weakened market sentiment.
Nevertheless, some analysts remain optimistic about Bitcoin’s longer-term outlook despite its poor performance during the first half of the year.
Bitcoin Tracks Technology Stocks and Risk Assets
Digital asset markets have increasingly moved alongside technology shares and other risk-sensitive investments.
As a result, cryptocurrency traders are paying closer attention to economic reports, central bank guidance and investment flows into crypto funds.
These factors could continue to determine Bitcoin’s direction during the second half of 2026.
Ethereum and Altcoins Rally
Most major altcoins also advanced after the weak payroll figures reduced concerns about higher interest rates.
Ethereum gained approximately 7.2% to trade near $1,712.92.
XRP rose 5.6% to around $1.10, while Solana climbed 7.4%.
Cardano advanced more than 5%, and Dogecoin gained approximately 4%.
The broad recovery showed that improving interest-rate expectations supported risk appetite across the cryptocurrency market.
