Bitcoin rose above $62,000 on Friday and was on track for a weekly gain after weak US labor market data eased concerns about an imminent Federal Reserve interest rate hike, while a return to net inflows into exchange-traded funds (ETFs) helped stabilize market sentiment.

The world's largest cryptocurrency was last trading 1.9% higher at $62,010.0 at 3:49 PM ET, continuing its rebound from this week's 21-month low below $58,000.

Market sentiment improved after recent US labor market data indicated weakening employment conditions, bolstering expectations that the Federal Reserve may hold off on raising interest rates in the near term.

Lower borrowing costs typically support risk-sensitive assets like cryptocurrencies by improving liquidity conditions.

The recovery also coincided with renewed demand for spot Bitcoin ETFs after weeks of persistent outflows that had weighed heavily on prices.

According to SoSoValue, US spot Bitcoin ETFs recorded net inflows of $221.7 million on July 2, ending a streak of 10 consecutive outflows.

Bitcoin lost more than 30% in the first half of 2026, posting its worst half-year performance in recent years due to weakening institutional demand. "In the medium term, the biggest question is whether the data in the coming months will be strong enough to compel the Fed to act in line with its hawkish stance, especially given that single-hike cycles are extremely rare," an IG analyst noted in a recent note.

Cryptocurrency Prices Today: Altcoins Rise, Ethereum Jumps 4%

Most altcoins rose on Friday amid widespread buying.

The world's second-largest cryptocurrency, Ethereum, jumped 4.3% to $1,734.55.

The world's third-largest cryptocurrency, XRP, rose 1.2% to $1,1059.

Solana added 0.1%, while Cardano rose 5.1%.

Among meme tokens, Dogecoin rose 2.1%.