The latest U.S. non‑farm payroll data came in weaker than analysts had anticipated, trimming the odds that the Federal Reserve will raise rates again this year. In a market that often reacts strongly to monetary policy signals, the drop in rate‑hike expectations helped lift Bitcoin back above the $61,000 mark after it had slipped to $57,750. The rally is notable because on‑chain indicators—such as seller exhaustion signals that have not been seen since 2022—suggest that the selling pressure may have reached a low point.
Bitcoin’s price is currently hovering around $61,645, up about 1.1% over the last 24 hours. While this uptick is modest, it reflects a broader trend of cautious optimism in a market that is still classified as “extreme fear” on the fear‑greed index. Retail investors can interpret this as a sign that the market is still wary, but the recent price rebound indicates that Bitcoin may be finding a foothold amid the uncertainty.
Meanwhile, altcoin markets are experiencing a fresh multi‑year low in sell pressure, according to CryptoQuant. This suggests that the broader crypto ecosystem may be temporarily easing off the sell side, potentially creating a more favorable environment for smaller tokens to recover. However, the overall sentiment remains subdued, so investors should remain vigilant for any shifts in Fed policy or macroeconomic data that could reignite volatility.
In short, the weak jobs report has provided a short‑term boost to Bitcoin, but the market’s extreme fear status and the lingering on‑chain selling signals mean that the rally could be fragile. Retail traders should keep an eye on future Fed announcements and on‑chain metrics to gauge whether the current upward movement is a temporary reprieve or the start of a sustained trend.