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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InBitcoin BTC broke through the $61,600 mark on Friday, triggering a broader recovery across the altcoin market. According to reports, this price action followed a significant short squeeze that led to substantial liquidations, driving upward momentum across the crypto sector. This breach indicates a shift in short-term sentiment as buyers reclaim key technical levels.
This rally coincides with mixed global economic signals, where Japan's retail sales grew by 5.3%, significantly beating the 3.2% forecast per market data. Additionally, inflation in Spain held steady at 3.2%, providing a macroeconomic backdrop that allowed digital assets to react primarily to internal liquidity catalysts and technical breakouts, supported by ongoing institutional interest in spot crypto products.
Looking ahead, market participants are watching for price stability above the $61,000 level to confirm the sustainability of this move. With the upcoming China Manufacturing PMI data scheduled for June 30, 2026—forecasted at 50.7 per the economic calendar—global risk appetite will be a key factor to monitor for its potential impact on Bitcoin's next directional leg.
Update: Bitcoin extended its recovery to hit a nine-day high of $62,300, bolstered by a broader rally in global risk assets. This move coincided with global stock market capitalization and the Dow Jones Industrial Average reaching historic all-time highs ahead of the US Independence Day holiday.