Bitcoin climbed approximately 2.3% to trade near $61,645 on July 2, spearheading a broad-based recovery across the cryptocurrency market.
The move marks a significant shift in sentiment after the world’s largest digital asset collapsed to a 21-month low of $58,093 earlier in the week, triggering a severe selling spree that had left buyers hesitant to step in.
The rally was driven by a combination of softer-than-expected US jobs data and recent remarks from Federal Reserve officials that alleviated immediate fears of further interest rate hikes.
With the threat of tighter monetary policy receding, risk appetite returned to digital assets, allowing smaller altcoins to post gains alongside Bitcoin.
The price action suggests that buyers are beginning to defend critical technical support levels, finding tentative footing after the sharp drawdown.
This development coincides with a broader stabilization in US equity markets.