Bitcoin Breaks Past $62,000 on July 2 After Weak U.S. Jobs Data

According to TheStreet, Bitcoin broke past $62,000 on July 2 after U.S. employment figures came in significantly below expectations, providing relief to the market following weeks of heavy losses. The Bureau of Labor Statistics reported the U.S. economy added just 57,000 jobs last month, with the unemployment rate holding steady at 4.2%.

Legendary analyst John Bollinger flagged a technical formation developing on Bitcoin's daily chart, identifying a "W" pattern (double bottom) that traders interpret as a possible sign of selling pressure running out. Bollinger noted the pattern exhibits a fractal structure with smaller "w" shapes nested within the larger formation. A breakout above $65,000 would be required to confirm the pattern and signal a meaningful shift in trend.