Bitcoin rebounded to $60,000 after falling below $58,000
Bitcoin briefly dropped to $57,779 on Wednesday, hitting a low not seen since September 2024, before rebounding 2.8% to around $60,000. The rebound came after weaker-than-expected U.S. employment and manufacturing data, and Fed Chair Kevin Warsh did not clearly signal a rate hike inclination.
ADP data showed that U.S. private sector added 98,000 jobs in June, lower than May's 122,000 and market expectations; the ISM Manufacturing Index fell from 54 to 53.3, and the Prices Paid Index dropped from 82.1 to 73. The two-year U.S. Treasury yield closed flat at 4.15%.
According to SoSoValue data, U.S. spot Bitcoin ETFs saw $4.5 billion in outflows in June, setting a monthly outflow record. Glassnode data indicates that long-term holders have re-entered an accumulation phase, while the bid-side proportion in the spot order books of Binance and Coinbase has increased.
