Live Market Updates: Bitcoin Rises Above $62,000 as Semiconductor Boom Shows Signs of Cooling

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Bitcoin clears $62,000 as upward momentum strengthens
Bitcoin has moved above $62,000, reaching an intraday high of $62,170 and gaining around 0.75% over the past 24 hours.

CoinDesk 20 posts first three-day rally since mid-June
Crypto markets are extending gains during the U.S. holiday session, with the CoinDesk 20 Index rising for a third consecutive day—its longest streak since mid-June. The index is up 1.61% since midnight UTC, bringing total gains to 7.36%. All components are in positive territory, though bitcoin is among the smaller movers, while NEAR leads with a 6.1% increase.

Altcoins are showing stronger performance overall. The CoinDesk 80 Index has advanced 2.3%, with only a few tokens in the red. Decentraland, SPX6900 and Celestia have each posted gains exceeding 10%.

Easing macro conditions could shift ETF flows
Bitcoin ETF outflows may reverse in July as macroeconomic pressures subside, according to Sygnum Bank strategist Can-Luca Köymen. Declining oil prices and moderating inflation have reduced the need for aggressive Federal Reserve policy.

A softer tone from policymakers, combined with signs of a cooling labor market, points to lower rate hike expectations. Meanwhile, on-chain data shows long-term holders accumulating again, while large investors continue buying into dips—historically a positive signal.

With bitcoin still trading below key long-term levels, valuations may appear attractive. However, any ETF inflows are expected to build gradually due to thinner summer liquidity, with potential upside from regulatory developments such as the CLARITY Act hearing.

Bitcoin on pace for strongest week since April
Bitcoin is heading toward its best weekly performance since late April, with gains approaching 4%. Still, it has recorded only three positive weeks in the past ten.

The asset remains above the $60,000 support level but continues to trade below its 200-week moving average near $62,660, a key resistance level.

Bitcoin rebounds as semiconductor rally cools
Bitcoin is recovering as the rally in semiconductor and memory stocks begins to fade. Sector-focused ETFs that led gains earlier this year have recently pulled back, hinting at a possible rotation of capital.

The Roundhill Memory ETF has dropped roughly 25% from its late-June peak, while the VanEck Semiconductor ETF is down about 12%. Meanwhile, bitcoin has rebounded from below $58,000 to above $61,000.

Weak U.S. jobs data supports crypto and metals
A softer-than-expected U.S. jobs report has lowered expectations for near-term rate hikes. The economy added just 57,000 jobs in June, well below forecasts.

Markets now expect the Federal Reserve to hold rates steady through September, with a possible hike delayed until October. This shift has supported risk assets, pushing bitcoin above $61,000 alongside gains in gold and silver.

Bitcoin remains below key long-term indicator
Despite its recent rebound, bitcoin is still trading below its 200-week simple moving average near $62,660, a critical level for confirming a sustained bullish trend.

Renewed demand for spot ETFs is supporting prices, but a decisive breakout above this level is needed to strengthen the bullish outlook.

Loss-making supply surpasses profitable holdings
Data shows that around 10.83 million BTC are currently held at a loss, exceeding the 9.22 million in profit. This shift underscores the depth of the recent correction and reflects conditions often seen near cycle lows.

Historically, such periods have marked phases of capitulation followed by accumulation from long-term holders. Bitcoin is trading near $61,361, posting modest gains but still well below previous highs.

Future direction will depend on continued ETF inflows and further improvement in macroeconomic conditions.