Bitcoin has rebounded nearly 10% from its July 1 lows as weak U.S. jobs data, falling oil prices and a weekend short squeeze drove traders back into risk assets.
According to data from crypto.news, Bitcoin ($BTC) Price traded near $62,990 on July 6, after rising from $58,293 earlier in the week to an intraday high near $64,000. The move comes after U.S. nonfarm payrolls fell short of expectations in June, increasing by only 57,000 jobs compared to the nearly 110,000 expected.
The failure dampened expectations for further tightening by the Federal Reserve, easing pressure on non-yielding assets. Oil prices traded below $69 a barrel on Monday as energy flows through the Strait of Hormuz resumed, and OPEC+’s plans to increase production by 188,000 barrels per day raised concerns about a supply glut.
The Spot Bitcoin ETF has spurred a recovery after posting net inflows of over $220 million, ending a 10-day streak of outflows. This recovery comes after more than $4.5 billion in redemptions occurred in June, sending sentiment into extreme fear and sending the Crypto Fear and Greed Index down to 11.
Bitcoin rebound faces first major resistance near $64,000
The daily chart shows Bitcoin testing the 0.236 Fibonacci retracement level at $63,994 after rebounding from the June low zone around $58,187. A clean daily close above this level opens the next resistance area around $67,587, followed by $70,491 and $73,395.
Bitcoin has also been pushed back into a descending channel that limits price movement from its May high near $82,795. The latest candlestick has been struggling near the top of the channel, with the $64,000 area being the first significant test for buyers.
Momentum has improved, but it hasn’t turned completely bullish. The daily MACD histogram has turned positive at around 661, but the MACD line is still below the signal line. After rising from oversold territory in June, the RSI has recovered to 49, just below the neutral 50 level.
On the 4-hour chart, Bitcoin is trading above the supertrend support near $61,530, with an Arun up value of 78.57 and an Arun down value of 7.14. Although this setup indicates that buyers are regaining short-term control, the price is still below the next strong resistance zone around $64,000 to $65,000.
Analyst Ted Pillows said the $62,500 to $62,800 support zone remains the level to watch.
“$BTC It is above the $62,500 to $62,800 support zone. This support zone is very important as spot sales are definitely accelerating. If it holds, Bitcoin’s next stop high will be around $65,000. ”
Liquidation cluster leaves Bitcoin exposed to both sides
CoinGlass’ three-day liquidation heatmap shows dense upside liquidity between $64,000 and $65,300, with another pocket near $66,000. If short positions above spot remain crowded, a break above $64,000 could trigger another forced buy.
Liquidity downside is also seen around $62,000, $61,500, and $60,000. These levels coincide with support areas that traders have identified after Bitcoin’s rapid rise.
Commenting on the matter, analyst Lennart Snyder noted that Bitcoin has already been pushed into the last short-term interest point and warned that the pullback lacks strong spot follow-through.
“I am still swinging short from 63.2K, but will add if we can break cleanly to 62.5K,” Snyder wrote, adding that the move appears to be primarily driven by short closing rather than new spot demand.
$BTC Pushed into the last short POI.
I’m still swinging short from 63.2K, but I’ll add more if I can get a clean break to 62.5K.
Why am I still looking for shorts? According to my system, it’s because the price extends too long.
Open interest is also displayed in the order flow… pic.twitter.com/QjKrRtmfcS
— Lennaert Snyder (@LennaertSnyder) July 6, 2026
The bullish case invalidation zone is currently located near $62,500. A 4-hour close below that area could lead to a decline. $BTC Snyder listed $61,500 as a potential target, then $60,300, then $58,800.
Macro risks also remain active. A rise in the Consumer Price Index (CPI) in July, a hawkish Federal Reserve meeting, and renewed stress in the energy market could revive the dollar and put pressure on Bitcoin again. Supply risks due to Mt Gox repayments and government liquidation also remain unresolved.
For now, Bitcoin’s recovery depends on buyers defending $62,500 and converting $64,000 into support. Failure here would make the rally look like a short squeeze in a still fragile downtrend.
