Investing.com– climbed above $63,000 in Asian trading on Monday, extending last week’s rally as softer-than-expected U.S. economic data tempered expectations of a near-term Federal Reserve interest rate hike, while renewed inflows into spot ETFs improved investor sentiment.
The world’s largest cryptocurrency last traded 0.8% higher at $63,227.5 by 01:18 ET (05:18 GMT), after reaching a two-week high of near $64,000 in the previous session.
Bitcoin jumped roughly 5% last week, rebounding from a 21-month low below $58,000 touched earlier in the week.
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Bitcoin rebounds on reduced Fed hike fears
Market sentiment improved after weaker-than-expected U.S. June payrolls data reinforced expectations that the Federal Reserve is unlikely to raise interest rates this year.
Investors also drew comfort from comments by Federal Reserve Chair Kevin Warsh, who said inflation had continued to moderate and reaffirmed that policymakers would remain data-dependent, prompting markets to further pare back expectations of additional monetary tightening.
Investor confidence was also aided by a return to net inflows into U.S. spot Bitcoin exchange-traded funds (ETFs) after several weeks of outflows, signalling that institutional demand was stabilising.
The recovery comes after Bitcoin posted sharp losses in June amid concerns over tighter financial conditions and profit-taking following a strong rally earlier this year.
Analysts cautioned that trading volumes remain relatively subdued and that sustaining gains would likely require continued ETF inflows and supportive macroeconomic data.
Attention this week will turn to the minutes of the Federal Reserve’s June policy meeting for further clues on the U.S. interest-rate outlook, while traders will also monitor whether bitcoin can hold above the $63,000-$64,000 range to extend its recovery.
Crypto price today: altcoins extend gains
Most altcoins inched higher on Monday, extending their rebound from last week.
World no.2 crypto gained 0.7% to $1,775.92.
World no. 3 crypto edged up 0.6% to $1.14.
and Cardano traded largely flat in early trading.
Among meme tokens, rose 1.4%