Bitcoin rebounds to $60.5K after a turbulent day of trading

TL;DR

• Bitcoin rebounded to about $60,500 after touching roughly $58,300 and briefly moving above $61,000, leaving BTC nearly 3% higher.
• The move followed softer inflation comments from Kevin Warsh and stood out despite a 7.9% Kospi drop tied to AI chip worries.
• Crypto market cap rose near $2.16 trillion, ETH gained 3%, SOL rose more than 4%, BCH gained 5%, and jobs data remains next macro test for July rate positioning.

Bitcoin rebounded to about $60,500 after a turbulent trading day that briefly dragged the asset toward $58,300 before bulls forced a recovery above $61,000. The move left BTC nearly 3% higher on the day, with market capitalization back near $1.2 trillion. The rebound looked welcome, but not clean, because it followed several days of selling pressure and came after a difficult June. The unsettling message is that Bitcoin reclaimed a psychological level without fully repairing confidence, leaving traders to decide whether this was real demand or a relief bounce, after the asset had opened July on uncertain footing and sellers remained active near resistance again today.

The macro backdrop helped the move. Bitcoin rose more than 4% in another reading after Federal Reserve Chair Kevin Warsh said inflation risks had eased, softening fears that policy would remain aggressively restrictive. The rally was more striking because tech sentiment was weak: South Korea’s Kospi fell 7.9% as AI chip worries hit Samsung Electronics and SK Hynix, while Meta’s plan to sell spare computing capacity raised fresh questions about AI infrastructure demand. In practical terms, Bitcoin outperformed a nervous technology tape, showing relative strength that had been mostly absent during recent rotation away from crypto.

Altcoins Join the Bounce, but Liquidity Questions Remain

The broader crypto market improved alongside BTC. Total market capitalization stood near $2.16 trillion, up about 2% over 24 hours, while daily trading volume climbed above $83 billion. Bitcoin dominance remained above 56%, suggesting altcoins participated but did not clearly lead the market. Ethereum traded close to $1,625 after gaining 3%, although it remained far below earlier-year levels. That balance makes the market rebound broad but still Bitcoin-dependent, because most large assets moved higher only after BTC recovered the key $60,000 area and stabilized sentiment.

Several major altcoins turned green. Solana rose more than 4%, Bitcoin Cash gained about 5%, Cardano added more than 3%, and Chainlink advanced by a similar margin. XRP traded near $1.08 after a modest increase, with XRP-linked ETF products standing out for inflows while Bitcoin and Ether ETFs continued to face outflow concerns. Friday’s U.S. jobs report now becomes the next swing factor for rate expectations. For now, the rebound buys time rather than certainty, because one strong session does not erase the pressure from ETF flows, weak liquidity and fragile macro positioning.