Bitcoin holds $61K after US jobs data report, AI sector weakness: Did BTC bottom?
Bitcoin rebounded above $61,000 after weak US labor data reduced expectations for a near-term Fed rate hike. June nonfarm payrolls rose by just 57,000, far below forecasts, and prior months were revised down, pushing September hike odds lower. Nasdaq futures fell, while gold firmed and WTI oil held below $70, reinforcing demand for scarce assets. The Fed balance sheet stayed near $6.73 trillion, and softer growth/inflation signals may support more liquidity. At the same time, AI and chip stocks weakened sharply, raising the chance of capital rotating into Bitcoin and gold. Onchain indicators suggest Bitcoin may be near a cycle bottom: realized profit-to-loss ratios and the share of supply in profit have dropped to historically bearish extremes that have often preceded reversals. Some recent BTC weakness also reflected disappointment over Strategy’s share issuance. If the AI selloff deepens, Bitcoin could retest $70,000.
