Bitcoin bounces above $60K as Metaplanet buys $170M in BTC

Bitcoin reclaimed the $60,000 level after Metaplanet's $170 million purchase and softer US economic data shifted the macro backdrop.

Bitcoin rose 3.7% to $60,807 on July 1 after Japanese treasury firm Metaplanet invested $170 million in the cryptocurrency and weaker-than-expected US jobs data cooled fears of further rate hikes.

"The market is in the early stages of a bottoming process," Chris Beamish, an analyst at Glassnode, said, noting that long-term holders have swung back to accumulation even as more Bitcoin is held at a loss than in profit.

Metaplanet's purchase adds to a growing trend of corporate Bitcoin accumulation. The investment coincided with BTC bouncing off the $60,000 support zone after touching $57,779 — its lowest since September 2024. Data from CoinGecko showed Bitcoin trading at $60,213 with 24-hour volume of $41.3 billion, up 2.4% on the day. The rebound followed ADP data showing private employers added just 98,000 jobs in June, below the 122,000 in May, and comments from Federal Reserve Chair Kevin Warsh who said inflationary pressures had decreased while maintaining the 2% target.

June was Bitcoin's worst month since 2022, with the cryptocurrency falling 20.5% to close at $58,526 — below its 200-week moving average of $62,000 but above its realized price of $52,000. US spot Bitcoin ETFs recorded $4.5 billion in outflows during June, the worst month since their January 2024 debut, according to SoSoValue data. BlackRock's iShares Bitcoin Trust accounted for $3.55 billion of the total. Aggregate net assets across the funds have contracted to roughly $70.9 billion from highs above $110 billion earlier this year.

The $61,000 level remains the immediate resistance, with a break above opening the path toward $63,500, traders said. Losing $60,000 could bring a retest of the $59,000 support zone. The US jobs report later this week will determine whether the bounce holds, with a soft print strengthening the case that the Fed's hawkish turn has peaked. The Fear and Greed index sits at 11, marking "Extreme Fear," a level that has historically coincided with accumulation zones.

This article is for informational purposes only and does not constitute investment advice.