Bitcoin (BTC) Price Tops $65K as Weak Jobs Data Eases Rate Hike Fears Ahead of CPI Report

TLDR

• Bitcoin briefly topped $65,000 on Aug. 10, trading near $64,955 at time of writing, up 3.4% over seven days.
• U.S. July payrolls fell 23,000, reducing expectations for another Federal Reserve rate hike.
• U.S. spot Bitcoin ETFs saw $854 million in weekly inflows, with BlackRock’s IBIT leading at $694 million.
• July CPI data drops Wednesday, Aug. 12, with economists expecting headline inflation to ease to 3.4%.
• Analyst Michaël van de Poppe called $65,800 the “critical level,” citing a potential move to $73,700.

Bitcoin climbed above $65,000 during early trading on Monday, Aug. 10, reaching an intraday high of $65,363 before pulling back slightly. At the time of writing, BTC was trading near $64,955, up 0.3% over 24 hours and 3.4% over the past seven days.

The move followed Friday’s U.S. jobs report, which came in weaker than expected. The economy lost 23,000 nonfarm payroll jobs in July, while unemployment held near 4.1%. Revisions also removed 103,000 jobs from May and June estimates combined.

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