Bitcoin staged a sharp recovery on Thursday, briefly reclaiming the $61,000 level after a brutal first half of 2026 that saw the cryptocurrency tumble more than 30%. The world’s largest digital asset traded as high as $61,030 intraday before easing back toward $60,182, still up roughly 3% from the previous session’s close. The bounce came as buyers stepped in to defend the area near $58,000 — a key support zone that, if broken, could have exposed the mid-$50,000 range.
The recovery was partly driven by positioning ahead of the U.S. nonfarm payrolls report for June, scheduled for 8:30 a.m. ET. Economists estimate 115,000 jobs were added, with unemployment holding at 4.3%. Federal Reserve Chair Kevin Warsh had earlier signalled that inflation risks have eased but stressed the central bank’s commitment to its 2% target, adding that anyone expecting loose monetary policy would be disappointed. Lower interest rates typically benefit risk assets like crypto, so any sign of cooling labour market data could revive rate-cut expectations.
Despite the bounce, Bitcoin remains under pressure from a series of negative spot ETF flows. U.S. spot Bitcoin funds lost more than $2 billion in the final stretch of June, challenging the narrative that ETFs would be a steady demand driver. Citi cut its 12-month Bitcoin target to $82,000 from $112,000, citing weaker ETF demand, reduced investor participation and limited progress on U.S. crypto legislation. The bank’s bear case puts Bitcoin at $53,000 if outflows persist and macro conditions worsen. Citi also lowered its Ether forecast, reflecting broader concerns across institutional crypto products.
On the technical side, Bitcoin’s move back above $60,000 gives short-term bulls some breathing room, but follow‑through is needed. Analysts are watching whether the price can hold above this level and challenge resistance around $62,000–$63,000. A failure to sustain the recovery could turn the bounce into another relief rally within a broader downtrend. The market has become more sensitive to flow data than headline narratives, and the ETF outflow streak remains the main headwind.
Meanwhile, U.S. stock futures fell broadly, with Nasdaq 100 futures leading losses at 0.7%, as a sharp selloff in South Korean chipmakers — SK Hynix down 14%, Samsung down 9% — dragged on tech sentiment. The Kospi index slid 7.9%. The weakness in equities highlighted the close correlation between crypto and risk assets this year, adding a layer of caution for Bitcoin traders.
The jobs report now becomes the next major catalyst. If the data reinforce the case for eventual rate cuts, Bitcoin could find a floor; otherwise, the pressure from ETF redemptions and institutional skittishness may continue to cap the upside. For now, the reclaim of $60,000 is a relief, but it does not yet signal a trend reversal.
