Key facts
- Bitcoin briefly hit $63,882 overnight before pulling back to around $62,900.
- The cryptocurrency's 24-hour high of $63,900 was not sustained.
- A weaker-than-expected U.S. jobs report had previously supported assets sensitive to liquidity.
- The market is awaiting the July 14 CPI release for further direction.
Bitcoin experienced a volatile start to the week, reaching a high of $63,882 overnight before reversing and trading around $62,900, according to CoinDesk data. The brief surge to $63,900 was met with selling pressure, pushing the price lower.
Earlier in the week, a weaker-than-expected U.S. jobs report had provided a tailwind for liquidity-sensitive assets like Bitcoin, suggesting a less hawkish stance from the Federal Reserve. However, this positive momentum appears to have stalled, with analysts noting that a single jobs report is unlikely to fundamentally alter the market setup for Bitcoin.