Crypto had a strong day. Total market cap climbed 3.77% in the last 24 hours to $2.12 trillion. Bitcoin led the way, jumping over 4% and moving back above $61,000, something we haven’t seen i
Crypto had a strong day. Total market cap climbed 3.77% in the last 24 hours to $2.12 trillion.
Bitcoin led the way, jumping over 4% and moving back above $61,000, something we haven’t seen in days. The rest of the market followed. Ethereum rose 5%, Solana rose 10%, and XRP added about 4%.
Crypto is also tracking with gold right now, at a 42% correlation. That tells you investors are looking at both as inflation hedges, especially after the Fed’s latest comments eased some of the pressure around rate fears.
Then came the squeeze. Over $300 million in short positions got liquidated. Bearish traders scrambled to cover, which fed the rally and added more buying pressure across the board.
The main driver today is the Federal Reserve.
At a July 2 ECB forum, Fed Chair Kevin Warsh said inflation risks had cooled. Markets read that as a sign that aggressive rate hikes were less likely. When rate expectations drop, risk assets tend to benefit. The Bitcoin price moved above $61,000, pulling the rest of the market higher.
Institutional money also helped. Metaplanet, a Japanese investment firm, restarted its Bitcoin buying after a three-month pause. It picked up 2,823 BTC, worth about $170 million. That came even as the Fear & Greed Index stayed at 21, still deep in “extreme fear” territory. Bitcoin’s RSI was near 42, leaving room for more buying before momentum turned overbought.
Derivatives added fuel. CoinGlass data showed over $300 million in short positions got wiped out in the past day as the Bitcoin price broke through resistance. When short sellers get squeezed, they have to buy back in, and that adds momentum.
— Crypto Banter (@crypto_banter) July 2, 2026
OVER $300M IN SHORTS LIQUIDATED IN LAST 24H AS CRYPTO REBOUNDS!Crypto markets saw a wave of short liquidations exceeding $300 million over the past day amid a price recovery, per CoinGlass data.Leveraged bears getting squeezed as $BTC and major assets bounced. pic.twitter.com/kslHIGFil7
Regulation is also on people’s minds. SEC Commissioner Hester Peirce said she’s hopeful the CLARITY Act passes this summer. If it does, the law would settle which agency oversees digital assets, SEC or CFTC, clearing up one of the biggest regulatory question marks in the U.S.
— BTC News Global (@BTCNewsGlobal) July 2, 2026
SEC Commissioner Hester Peirce says she's still optimistic the CLARITY Act will pass this summer, signaling that long-awaited crypto market structure legislation could be closer than ever. The bill aims to define whether… pic.twitter.com/7RmiGKjZh2
Bitcoin price has reclaimed the $61,000 mark, although traders are watching whether buyers have enough strength to extend the move.
Market analyst PILTR noted that both spot buying and perpetual futures have been driving the rally. Open interest and funding rates continue to rise, showing traders are adding new long positions instead of merely closing shorts. Even so, the Bitcoin price has now reached an area where passive sellers have started absorbing demand.
Related Bitcoin news: Bitcoin (BTC) Price Hasn’t Bottomed Yet; Analysts See More Pain Ahead
We took a look at PILTR chart. It shows Bitcoin testing resistance around $62,700–$63,100, a big supply zone. Price has already swept liquidity above recent highs, so a lot of stop orders got hit. That leaves two possible routes.
$BTC updateAnother push higher, driven by both spot and perps, while OI and funding continue to rise aggressively.> We just ran into passive sellers, which are acting as the first meaningful resistance> at the same time the remaining local liquidity above has been swept.… pic.twitter.com/VFti13SdJ3
— PILTR (@PILTR_XBT) July 2, 2026
One more push into that upper resistance zone, then sellers step back in. If that area holds, Bitcoin could fall back toward $60,000–$59,500. A deeper drop could bring $58,000 into play.
The Other path is buyers break cleanly through that resistance area. A move above roughly $63,100 would kill the bearish setup on the chart and open the door to more upside. Traders would likely turn bullish as old resistance becomes new support.
The next big catalyst hits July 3 with the U.S. jobs report. A softer labor market could strengthen expectations for easier monetary policy and support Bitcoin price further. Strong employment data, however, may revive concerns about higher interest rates and test whether this recovery has enough momentum to continue.
If you invest $1 into Bitcoin, your investment is expected to be worth between $5.75 and $11.50 by the year 2030 if mainstream institutional forecasts are correct. This return is based on the assumption that a single, full Bitcoin (BTC) will trade between $500,000 and $1,000,000 by the end of the decade.
Is it possible for Bitcoin to reach $200,000Yes, many analysts believe a $200,000 Bitcoin price is achievable over the next several years if institutional adoption continues and ETF demand recovers. Reaching that level would require sustained capital inflows and a much stronger macro environment than the market has today.
Is Bitcoin a good investment for beginnersBitcoin is a risky investment with obvious high volatility, and generally should be considered only if you have a high risk tolerance, are in a strong financial position already and can afford to lose some or all of your investment.
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The post Why Is the Crypto Market Up Today as Bitcoin Price Reclaims $61K appeared first on CaptainAltcoin.
