Bitcoin News Today: Bitcoin Reclaims $60K as ETF Flows Turn Positive, BTC Trades Near $61,800

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Last Updated: July 6, 2026

Bitcoin is trading near $62,900 on July 6, up more than 5% over the past week, after a weak US jobs report triggered an overnight short squeeze that briefly pushed BTC to a two-week high of $63,900. The move was amplified by roughly $450 million in short liquidations, though price has since settled back into the low-$62,000s as the initial squeeze fades.

Key Takeaways

BTC trades at approximately $62,900, up around 5.2% over the past 7 days, after touching an overnight high of $63,900
The rally was triggered by a weaker-than-expected US jobs report: the economy added just 57,000 jobs in June versus a forecast of 113,000, with April and May figures revised down by a combined 74,000
Weak labor data pressured the US dollar and Treasury yields, reducing Bitcoin’s relative cost of capital and reviving risk appetite
Coinglass recorded approximately $450 million in short liquidations over 24 hours as the squeeze accelerated
CLARITY Act passage odds on Polymarket have recovered to 51%, up from a July 1 low of 39% tied to Trump’s $1.4 billion crypto income disclosure
Market capitalization stands near $1.26 trillion, with the Fear & Greed Index at 24 (“Extreme Fear”), still depressed despite the week’s gains

Market Overview

Bitcoin’s move is part of a broader relief rally across crypto market today, with ETH (+12.6% 7d), XRP (+8.4% 7d), and SOL (+11.6% 7d) all posting stronger weekly gains than BTC.

Metric	Value
BTC Price Today	~$62,900
24h Change	+0.3% to +0.95%
7-Day Change	~+5.2%
24h High (overnight)	$63,900
Market Cap	$1.26T
24h Volume	$22.0B
Circulating Supply	20.05M BTC
Max Supply	21M BTC
Fear & Greed Index	24 (Extreme Fear)

Bitcoin Price Today Analysis

BTC jumped from roughly $62,500 to an overnight high of $63,900 — its best level in two weeks — before giving back most of the move to trade near $62,900, largely flat on the day but up around 5.2% for the week. The spike was a classic short squeeze: weak data forced short positions to cover rapidly, and that forced buying pushed price well beyond where organic demand alone would have taken it, before it partially retraced.

The catalyst was the June US jobs report, which showed the economy added only 57,000 jobs against a forecast of 113,000, with prior months revised down by a further 74,000. Weak labor data reduced expectations for continued Fed tightening, pressuring the dollar and Treasury yields — a combination that has historically supported Bitcoin and other risk assets. Coinglass data shows the squeeze wiped out approximately $450 million in short positions over 24 hours, and the next scheduled catalyst is the July 14 inflation print.

Support and Resistance Levels

Level Type	Price
Key Resistance	$63,900 – $64,100
Current Price	~$62,900
Near-Term Support	$60,000
Critical Support	$58,115 – $58,900 (June cycle low zone)
Downside Risk (if support fails)	$53,800 – $56,200

For XRP’s reaction to the same jobs data and its own regulatory catalysts, see XRP News Today.

Why Is Bitcoin Up Today?

Today’s move is a macro story more than a Bitcoin-specific one. The Bureau of Labor Statistics’ June jobs report missed expectations by a wide margin, and combined with downward revisions to April and May, it strengthened the case for the Fed to ease rather than tighten further. Weaker labor data typically weakens the dollar and lowers Treasury yields, both of which reduce the opportunity cost of holding non-yielding assets like Bitcoin.

That macro tailwind met a market that was heavily positioned short after June’s selloff, and the combination produced a textbook squeeze: forced buying from short covering pushed BTC through $63,000 and briefly to $63,900 before the move ran out of momentum. The Fear & Greed Index reading of 24 — still “Extreme Fear” despite the week’s gains — reflects how much skepticism remains baked into positioning even after the bounce.

Separately, CLARITY Act passage odds on Polymarket have recovered to 51%, up from a July 1 low of 39% that followed President Trump’s disclosure of $1.4 billion in crypto-related income and renewed conflict-of-interest concerns from Senate Democrats. The bill remains stalled on the Senate Legislative Calendar pending resolution of ethics and law-enforcement provisions, with the August recess still viewed as the hard deadline for 2026 passage.

For how Ethereum is trading through the same macro backdrop, see Ethereum News Today.

What This Means for the Days Ahead

The overnight spike to $63,900 was a squeeze, not a confirmed trend change, and Bitcoin has already given back more than half of that move. The more important question is whether the softer jobs data marks a genuine shift in Fed expectations or a one-off miss — the July 14 CPI print will be the next real test. A sustained close above $64,000–$64,100 would open room toward $66,600–$67,600, while a fade back below $60,000 would put the June cycle-low zone near $58,115–$58,900 back in focus.

CLARITY Act developments remain a second variable worth tracking: any signal that Senate leadership has scheduled a floor vote before the August recess would likely move the odds — and price — quickly in either direction. For the day’s broader market-moving headlines, see Crypto News Today.