Bitcoin Holds $61K as Soft Jobs Data Cools Fed Rate Hike Bets

Bitcoin has stabilized above the $61,000 threshold following a period of volatility, supported by recent United States labor market data that suggests a cooling economy. This price action reflects a shift in interest rate expectations, as softer-than-expected non-farm payroll figures reduce the probability of further hawkish policy tightening by the Federal Reserve. The resulting decline in Treasury yields and a weakening dollar have bolstered risk appetite, providing a constructive environment for digital assets like Bitcoin and Ethereum to recover from recent selling pressure. Market participants are now recalibrating their portfolios to account for a potential pivot in monetary policy, moving away from defensive positioning. Traders are currently shifting their focus toward the upcoming release of the Federal Open Market Committee meeting minutes, which will provide deeper insight into the central bank's internal deliberations regarding the timing of potential interest rate cuts.

Bitcoin (BTC) price action is driven by spot ETF flows (IBIT, FBTC, GBTC, ARKB), SEC enforcement actions, institutional adoption announcements, large wallet moves, and miner behaviour. BTC-specific catalysts include halving events every ~4 years.

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