Bitcoin (BTC USD) price analysis: Bitcoin moved above the $62,000 mark on Friday, climbing as high as $62,310, its strongest level since June 24, amid continued accumulation by large holders even as US spot Bitcoin ETFs saw record outflows, as per a report.The broader market remained quiet due to the US Independence Day holiday, coming shortly after the Dow Jones Industrial Average hit a record high in the previous session.BTC USD Price Outlook: Bitcoin Tests Key Resistance Around $62,000 and $62,500 ZoneMarket participants noted that Bitcoin’s recent upward move has been steady but is now approaching a crucial resistance area. X commentator Exitpump described the activity as “controlled slow buying” across exchanges, suggesting steady demand rather than aggressive momentum, as per an Invezz report.However, they warned that the $62,000 to $62,500 range remains a strong resistance zone that could challenge further upside.You Might Also Like:Trader Daan Crypto Trades also pointed to the 200-week simple moving average, currently near $62,652, as a key technical level for the weekly close. He added that Bitcoin needs to maintain its breakout and preserve its short-term bullish structure, calling the current range an “important” trading zone, as per the report.Weak June Jobs Data Shapes Federal Reserve ExpectationsSentiment across markets was also influenced by weaker-than-expected US employment data. June nonfarm payrolls rose by just 57,000, falling short of expectations and prompting investors to reassess the Federal Reserve’s next policy move.Mosaic Asset Company noted that markets reacted by lifting stock index futures, as investors interpreted weaker economic data as potentially supportive for interest rate expectations.The firm described the report as a “Goldilocks” reading, neither too weak to raise growth concerns nor strong enough to accelerate rate hikes, as per the Invezz report.You Might Also Like:Whale Buying Accelerates Despite Heavy ETF OutflowsWhile institutional flows through US spot Bitcoin ETFs showed significant weakness, large Bitcoin holders moved in the opposite direction.Analysts at Bitfinex reported that whale wallets accumulated more than 270,000 Bitcoin, worth around $16.7 billion, over the past two weeks, as per the Invezz report.Meanwhile, US spot Bitcoin ETFs recorded $4.06 billion in outflows during June, marking their largest monthly withdrawal since launch. The previous record outflow stood at $3.56 billion in February 2025.These withdrawals pushed US spot Bitcoin ETFs into negative net flows for 2026 for the first time. However, ETFs saw a modest recovery on Thursday with $221 million in net inflows.Bitfinex analysts also noted that whale accumulation coincided with a negative US spot premium, suggesting buying activity came outside traditional US spot market participants, as per the Invezz report.They added that similar patterns of institutional selling combined with long-term holder accumulation have historically appeared near market cycle lows.Solana Outperforms Bitcoin (BTC USD) in Recent Market MoveFAQsWhy did Bitcoin rise above $62,000?Bitcoin climbed due to steady accumulation by large holders and ongoing market momentum despite ETF outflows.What was Bitcoin’s highest level recently?Bitcoin reached as high as $62,310, its strongest price since June 24.