Bitcoin surged past $62,000 on Friday, reaching its highest level since June 24, as large holders continued to accumulate the cryptocurrency despite record outflows from US spot Bitcoin exchange-traded funds (ETFs). The move came amid weaker-than-expected US economic data that fueled speculation about Federal Reserve policy.
According to CoinMarketCap, Bitcoin rose to as high as $62,310. The rally occurred while US financial markets were closed for the Independence Day holiday, following a record close for the Dow Jones Industrial Average in the prior session.
Technical Resistance in Focus
Market participants noted that Bitcoin's advance has been driven by steady buying, though key technical resistance levels remain ahead. Analyst Exitpump described the price action as “controlled slow buying” on exchanges, suggesting a potential continuation higher but highlighting the $62,000–$62,500 range as a strong resistance area.
Trader Daan Crypto Trades emphasized the importance of the 200-week simple moving average (SMA), currently near $62,652, as a critical level for the weekly close. “It is key for BTC now to hold this breakout and maintain its low timeframe bullish market structure,” he commented, calling the current trading zone “important.”
The technical breakout follows a period of weakness in June, when cryptocurrencies came under pressure from concerns that the Federal Reserve could maintain restrictive monetary policy for longer.
Whale Accumulation vs. ETF Outflows
While institutional investors reduced exposure through ETFs, large Bitcoin holders moved in the opposite direction. According to analysts at Bitfinex, wallets commonly identified as whales accumulated more than 270,000 Bitcoin—worth approximately $16.7 billion—over the past two weeks.
These purchases occurred even as US spot Bitcoin ETFs recorded $4.06 billion in outflows during June, marking the largest monthly withdrawal since the products launched. The previous record outflow was $3.56 billion in February 2025. The heavy selling pushed US spot Bitcoin ETFs into negative net flows for 2026 as a whole for the first time. However, the funds registered a modest recovery on Thursday with net inflows of $221 million.
Bitfinex analysts noted that whale accumulation took place while the US spot premium remained negative, suggesting the buying was not driven by traditional US spot market participants. They added that institutional selling alongside long-term holder accumulation has historically appeared near market cycle lows, when experienced investors absorb selling pressure before broader recoveries develop.
Fed Outlook and Inflation Remain Key Catalysts
The latest US employment report also influenced market sentiment. June nonfarm payrolls increased by just 57,000, well below expectations, prompting investors to reassess the outlook for Federal Reserve interest rate policy.
“The knee-jerk reaction from investors was to push stock index futures higher, signaling a regime where bad economic news is good for stocks due to the impact on the rate outlook,” Mosaic Asset Company said. “The reality is that the payrolls report reflects a 'Goldilocks' figure for the average stock, which isn’t too cold to stoke growth fears and not too hot to pull additional rate hikes forward.”
According to CME Group's FedWatch Tool, markets currently assign roughly equal odds to the Federal Reserve either holding interest rates steady or raising them at its September meeting. For broader market context, see our coverage of Dow Hits Record 52,865 as Weak Jobs Data Dims Fed Rate Hike Prospects.
Elsewhere in the cryptocurrency market, Solana has outperformed Bitcoin, rising about 15% since early June, supported by protocol upgrades and a sharp increase in tokenized real-world asset transfers. Meanwhile, other altcoins have faced headwinds, as highlighted in Cardano Drops 11% as Whales Accumulate 370M ADA Amid Market Uncertainty.
This article is for informational purposes only and does not constitute financial advice.
