Bitcoin climbed above $62,000 on Thursday after weaker than expected US employment data reduced concerns that the Federal Reserve would continue raising interest rates.

The largest crypto asset reached a July high near $62,100 and was up nearly 4% during the session, according to TradingView data. Bitcoin later eased to trade near $61,500.

The US economy added 57,000 jobs in June, well below economists’ expectations of approximately 110,000. The total also represented a sharp slowdown from the revised 129,000 jobs added in May.

The Bureau of Labor Statistics revised employment growth for April from 179,000 to 148,000 and lowered the May total from 172,000 to 129,000. The revisions reduced previously reported job creation by a combined 74,000.

The unemployment rate fell from 4.3% to 4.2%, but the decline came as the labor force participation rate dropped from 61.8% to 61.5%. Average hourly earnings increased 0.3% during June and 3.5% from a year earlier.

Markets responded by lowering expectations for another Fed rate increase. Fed funds futures priced a 54% probability of a hike by September, compared with 67% before the employment report.

The dollar index fell 0.56% to 100.83, while the 10 year Treasury yield declined by approximately four basis points to 4.46%. Lower yields and a weaker dollar can improve conditions for Bitcoin and other risk assets.

Bitcoin’s recovery began earlier in the week after Fed Chair Kevin Warsh said inflation expectations and inflation risks had declined in recent weeks. His comments eased some of the concerns created by the central bank’s hawkish June policy outlook.