“In the early hours of July 6, Bitcoin’s rate surged to nearly $64,000, reaching the $63,900 mark,” so analysts comment on the sharp rise of the first cryptocurrency, which extended a weekend rally and led to the liquidation of hundreds of millions of dollars in short positions. Moreover, experts believe that this momentum marked a sharp reversal from the local low of $58,293 recorded on July 1, with the main catalyst being weaker-than-expected US labor market data.

As market researchers state — “This can be tracked by the Nonfarm Payrolls report, which showed an increase of just 57,000 jobs in June, significantly lowering the odds of a near-term Federal Reserve rate hike.” But they also specified that this does not mean the immediate formation of a sustainable long-term trend, since the current price spike was largely driven by the forced closure of positions by short traders, who lost over $450 million in the derivatives market.