[DigitalToday reporter Yunseo Lee] Bitcoin briefly broke above $62,000 immediately after weak U.S. employment data, setting a new July high.

On July 2 local time, Cointelegraph reported that Bitcoin extended gains around the Wall Street open, rising to $62,137 on Bitstamp. Its daily gain neared 4 percent.

The immediate driver was a signal of cooling in the U.S. labour market. June nonfarm employment reported by the U.S. Bureau of Labor Statistics rose by 57,000, well below the market forecast of 114,000. The unemployment rate was 4.2 percent and the number of unemployed was tallied at 7.1 million, with the official statement saying there was no major change in June.

Markets took the figures as a sign that the Federal Reserve could be more likely to ease monetary policy. If labour-market weakness is confirmed, inflation pressure could ease and financial conditions could loosen, and those expectations helped boost appetite for risk assets such as Bitcoin and altcoins. The analysis firm The Kobeissi Letter pointed out that May employment figures were also revised down by 43,000.

Sentiment among market participants also shifted quickly. Crypto trader Michaël van de Poppe (미하엘 반 데 포페) said inflation expectations had fallen and the unemployment rate was at its lowest level in almost a year, calling it a strong public signal related to market direction. That suggests a more optimistic shift in views on the medium-term outlook.

Bullish signals were also seen in derivatives markets. Market commentator Exitpump (엑시트펌프) said Binance perpetual futures order books showed prices pushing through large resting sell orders, which he assessed as a bullish signal. He added that momentum buy orders were also appearing to support aggressive buying.

Short-position liquidations also jumped during the surge. CoinGlass data showed 24-hour crypto short liquidations totaled about $450 million at the time of writing. Rising prices triggered further liquidations, which in turn added to buying pressure.

Still, not all market views have shifted in one direction. Rekt Capital (렉트 캐피털) views the move as part of a July rebound phase, while also seeing the possibility that bearish momentum could re-emerge in August. He said, "Welcome to July of the green signal," but in a separate post said if Bitcoin turns the 50-month exponential moving average into a new resistance level after this rebound, it is highly likely to enter an additional phase of accelerating weakness over time.

That leaves key near-term variables as how much U.S. macro data will further shift rate expectations, and whether Bitcoin can hold in the $62,000 range. The market will also watch whether the latest rise leads to expanding spot demand or remains a short-term rebound driven mainly by short liquidations.

#BTC Bitcoin continues to spend time between these two Macro EMAs Bitcoin indeed produced a relief rally from the 50-Month EMA (purple) to reach the green 21-Month EMA which is where price could be falling short If history repeats, Bitcoin could reject from here to then… https://t.co/xWe0hNdFz7 pic.twitter.com/TBofRFLOgM