Bitcoin has extended its recovery, trading near $62,700 on Friday as softer-than-expected US labor market data bolstered investor sentiment.
The digital asset continued a rebound that began earlier in the week, finding temporary support in the $62,000 range after a period of broader decline.
3% climb on Tuesday, which saw BTC trade near $61,645 and spearhead a broad-based recovery across the cryptocurrency market.
The price action follows a 2.3% climb on Tuesday, which saw BTC trade near $61,645 and spearhead a broad-based recovery across the cryptocurrency market.
The latest move marks a significant shift in sentiment, with traders interpreting the weak jobs report as a positive signal for risk assets.
The recovery is largely driven by the implication that a cooling labor market increases the likelihood of further interest rate cuts by the Federal Reserve.
Lower rates typically reduce the opportunity cost of holding non-yielding assets like Bitcoin, providing a tailwind for crypto valuations.