[QCP: Bitcoin's return above $60,000 eases market panic, but Fed rate cut expectations remain unsupported] BlockBeats News, July 3 — QCP Capital stated that Bitcoin briefly fell below the critical $58,000 support level on Wednesday, hitting a low of approximately $57,700. It then rebounded above $60,000, boosted by weaker-than-expected U.S. June non-farm payroll data. Ethereum performed even stronger, climbing back above $1,700, rebounding nearly 10% from its mid-week low. The options market quickly digested the prior panic sentiment, with short-term implied volatility declining and the term structure returning to a contango state. July-expiry call options dominated trading, and volatility sellers regained the upper hand. However, the non-farm payroll data was insufficient to support a dovish pivot by the Federal Reserve. Accelerated wage growth, declining unemployment rates, and strong consumer spending all suggest the Fed still has room to maintain its hawkish stance. Although BTC spot ETFs ended six consecutive days of net outflows and recorded a net inflow of $224 million, U.S. Treasury bonds and equities have yet to confirm a comprehensive recovery in risk appetite. As such, the current rally appears more like a phase-specific rebound in the crypto market. The market still needs to observe whether this round of gains can be validated by broader asset classes.