Bitcoin held above $61,000 and ether above $1,700 on Friday, extending a rebound that took hold after a softer-than-expected U.S. jobs report cooled expectations for further Federal Reserve tightening and revived appetite for risk assets.
The move caps a volatile stretch for the largest cryptocurrency, which briefly pierced its $58,000 support on Wednesday and printed a low near $57,700 before Thursday's payrolls miss sparked a relief bounce back above $60,000.
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Bad news is good news
U.S. nonfarm payrolls grew by 57,000 in June, well below the roughly 114,000 economists expected, with prior months revised lower. The downside surprise undercut the argument that the U.S. labor market is re-accelerating, said Kyle Rodda, senior financial market analyst at Capital.com.
