Bitcoin Recovers to $60K as Soft Economic Data Lifts Market

Bitcoin recovers to around $60,000 after hitting a low of $57,779, its lowest since September 2024. This rebound occurs as softer economic indicators from the U.S. suggest that the Federal Reserve's (Fed) hawkish stance may be easing. The jobless data showed only 98,000 jobs were added in June, falling short of forecasts and marking a decline from the previous month’s figures.

The Institute for Supply Management (ISM) manufacturing index also indicated a slowdown, decreasing to 53.3 from 54, with the prices-paid gauge dropping significantly, hinting at a cooling inflationary pressure. This soft data has impacted market confidence, reflected in the comments by Fed Chair Kevin Warsh, who did not clarify the timing of potential interest rate hikes in July or September.

These developments reverse a particularly difficult month for Bitcoin. June marked a record outflow from U.S. spot Bitcoin exchange-traded funds (ETFs), totaling $4.5 billion. Such substantial withdrawals indicate significant investor unease, triggered by the Fed's shift towards potential interest rate hikes.

Despite the market's current turbulence, there are signs that long-term holders are accumulating Bitcoin again, suggesting a potential shift in market sentiment. Even as Bitcoin remains over 52% below its all-time high of nearly $126,000 reached in October 2025, some analysts view the current conditions as possibly signaling a bottoming process, though they caution that further volatility can't be dismissed.

As the market digests this new economic data and Fed guidance, observers will be watching for additional indicators that may influence Bitcoin's trajectory. Signs of continued accumulation by long-term holders alongside favorable economic data could prompt a more sustained recovery.