Bitcoin Rises Above $65,000 as Weak Jobs Data Lifts Crypto
Bitcoin climbed above $65,000 on August 7 while Ethereum pushed toward $1,930 as weaker-than-expected U.S. employment data triggered a broader relief rally across risk assets.
Summary:
- Bitcoin reclaimed $65,000 after unexpectedly weak U.S. employment data.
- Ethereum outperformed as institutional ETF demand remained positive.
- Bitcoin now trades above all four major moving averages on the four-hour chart.
- U.S. inflation data on August 12 is the next major macro test.
The move was supported by continued institutional demand through spot crypto ETFs, but market positioning remains cautious ahead of next week’s inflation report, leaving both assets close to resistance rather than in confirmed breakout territory.
Weak U.S. payrolls changed the rate discussion
The immediate catalyst came from the U.S. labor market.
Nonfarm payrolls fell by 23,000 in July, sharply missing the 80,000 increase expected by economists surveyed by Reuters. The unemployment rate edged down to 4.1%, while annual wage growth slowed to 3.2%.
The weak headline figure reduced expectations that the Federal Reserve would need another near-term rate increase. According to Reuters, traders cut the implied probability of a September hike to around 20% from 55% before the report. U.S. equity futures also moved higher, with Nasdaq futures gaining more than 1%.
Bitcoin’s reaction fits that broader repricing.
Crypto remains sensitive to changes in expected liquidity because higher interest rates increase the relative attraction of cash and fixed-income assets while raising the opportunity cost of holding non-yielding assets such as Bitcoin. Softer employment data does not directly increase Bitcoin’s fundamental value, but it reduces one source of pressure on speculative and growth-sensitive markets.
That distinction matters. Friday’s move was primarily macro-driven rather than the result of a new Bitcoin-specific catalyst.
| Market indicator | Latest reading | 24-hour change |
|---|---|---|
| Crypto market cap | $2.22 trillion | +1.17% |
| Bitcoin | $65,170 | +1.59% |
| Ethereum | $1,928 | +1.78% |
| Fear & Greed | 40 | Neutral |
ETF inflows are providing a second layer of demand
The macro bounce arrived against a backdrop of continued buying through regulated investment products.
U.S. spot Bitcoin ETFs attracted approximately $754 million over the past week, with BlackRock’s iShares Bitcoin Trust accounting for most of the inflows.
That matters because ETF demand behaves differently from leveraged short-term positioning. When funds receive net subscriptions, Authorized Participants must ultimately facilitate additional exposure to the underlying asset, creating a more persistent source of spot demand.
It does not guarantee higher prices. Selling from miners, long-term holders or offshore markets can offset ETF purchases. Still, sustained inflows help explain why Bitcoin has been able to absorb selling while remaining above the low-$60,000 area.
Ethereum is showing a similar institutional pattern. Spot Ether ETFs recorded $92.1 million in net inflows on August 6 in the supplied market data, with BlackRock responsible for nearly 88% of the total. The Block’s ETF database tracks daily flows across ETHA, FETH, ETHE and the other U.S. spot products.
Bitcoin reclaims its major four-hour moving averages
Bitcoin’s technical structure improved alongside the macro move.
More importantly, price moved above the major moving averages clustered underneath the market.
- 20-period SMA: approximately $64,385
- 100-period SMA: approximately $64,197
- 200-period SMA: approximately $64,041
- 50-period SMA: approximately $63,794
That cluster creates a relatively dense support area between roughly $63,800 and $64,400. Holding above it would preserve the short-term sequence of higher lows that developed after Bitcoin rebounded from around $62,400 earlier in August.
The next significant test sits near $65,300 to $65,600, where the chart shows previous rejection wicks. Above that area, the market would have room to challenge resistance closer to $66,900.
Momentum has also improved, but not explosively. The four-hour momentum indicator turned positive again after a brief weakening phase, while the latest histogram reading moved back above zero. That supports the recovery without suggesting an overheated market.
A move back below approximately $64,000 would weaken the current structure and place the lower-$63,000 region back in focus.
Ethereum holds above $1,900 but faces heavier resistance overhead
Ethereum gained slightly more than Bitcoin, trading around $1,928 after breaking through $1,900 earlier this week.
The significance of $1,900 is behavioral as much as technical. ETH repeatedly struggled to sustain moves above that level during the recent consolidation, so maintaining it as support would indicate that buyers are willing to enter at higher prices.
The next resistance band lies between roughly $1,980 and $2,080. A move into that area would represent a materially larger test because Ethereum would be approaching levels where previous recovery attempts attracted heavier supply.
READ MORE: Corporate Crypto Treasuries Shift Beyond Simple Accumulation
Below the market, $1,900 remains the first support to watch, followed by approximately $1,880. Losing both would weaken the recent breakout and reopen the possibility of a return toward $1,830.
One catalyst supplied in the market brief requires caution: references to an upcoming “Prague” Ethereum upgrade should not be treated as current. Ethereum’s official documentation identifies Prague-Electra, or Pectra, as an upgrade that already activated on mainnet in May 2025.
Why the rally still needs confirmation
The market is stronger than it was earlier in the week, but positioning does not yet resemble broad risk appetite.
The CoinMarketCap’s Crypto Fear & Greed reading remains at 40, while total market capitalization is up only around 1.2%. Bitcoin and Ethereum are therefore outperforming a relatively measured recovery rather than participating in an indiscriminate surge.
Options positioning adds another reason for restraint. Bitfinex commentary cited in Friday’s market coverage pointed to defensive September hedging after a rangebound August and thinner spot and derivatives activity. That suggests professional traders are not uniformly positioning for an uninterrupted advance.
There is also unusual activity in Bitcoin’s long-term holder data following the recent Coldcard security incident. Glassnode data cited by CoinDesk showed roughly 210,000 BTC moving out of long-dormant wallets over the past week. The transfers may represent users shifting coins into new wallets or regulated custody rather than outright selling, making conventional long-term holder distribution signals harder to interpret.
CPI becomes the next test for the recovery
The next major macro catalyst is already scheduled.
The Bureau of Labor Statistics will publish July’s Consumer Price Index on August 12 at 8:30 a.m. ET.
A softer inflation reading would reinforce the argument that the Federal Reserve can remain patient after weak employment data. A stronger-than-expected number could reverse part of Friday’s rate repricing and place renewed pressure on crypto and other risk-sensitive assets.
For Bitcoin, the immediate question is whether buyers can keep price above the moving-average cluster while challenging $65,300 to $65,600. Ethereum’s equivalent test is whether $1,900 remains support as price approaches the $1,980 area. The reaction to CPI will provide a cleaner indication of whether this week’s advance is developing into a broader risk-on move or remains a macro relief rally inside an established trading range.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Kosta Gushterov
Reporter at CoinsPress
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
