Key Moments
- Bitcoin last traded at $65,159.4, up 0.4%, after a move above $65,000 driven by weaker-than-expected U.S. jobs data.
- A surprisingly soft U.S. labor report, including a 23,000 drop in July payrolls and downward revisions for May and June, reduced expectations for near-term Federal Reserve tightening.
- Altcoins traded in tight ranges, with Ethereum flat at $1,919.92 and XRP down 0.4% at $1.0314, as traders awaited U.S. inflation data and tracked Middle East developments.
Bitcoin Trades Sideways Ahead of U.S. CPI Release
Bitcoin held close to the $65,000 mark on Monday, consolidating gains after breaking above that level in the wake of unexpectedly weak U.S. employment data. The world’s largest cryptocurrency was last up 0.4% at $65,159.4 as of 05:33 ET (09:33 GMT), with market participants largely cautious ahead of upcoming U.S. inflation figures.
The move higher came after Friday’s labor market report showed U.S. employers cut 23,000 jobs in July, defying expectations for an increase of about 80,000. Payrolls for May and June were also revised lower by a combined 103,000, underscoring signs of a cooling labor market, even as the unemployment rate edged down to 4.1%.
The softer data dampened expectations for additional near-term tightening by the Federal Reserve and boosted demand for risk-sensitive assets, including digital tokens. Bitcoin advanced about 3% over the week, supported by this shift in policy expectations and improved risk sentiment.
Technical Levels and Macro Drivers in Focus
Despite its weekly gain, Bitcoin has had difficulty establishing a firm foothold above $65,000, which has acted as a key technical barrier in recent sessions. Analysts noted that a decisive break higher could open the way toward the $66,000-$67,000 resistance zone, while a failure to hold current levels may leave the token exposed to renewed profit-taking.
Investors are now focused on Wednesday’s U.S. consumer price index report for further guidance on the Fed’s policy trajectory. The upcoming data have taken on added significance as energy markets remain sensitive to developments in the Middle East, which could influence inflation dynamics.
Brent crude traded above $83 a barrel on Monday, reflecting persistent geopolitical tensions. Reports indicated that Iran is seeking concessions from the United States before agreeing to reopen the Strait of Hormuz, a vital route for global energy shipments. The status of the waterway continues to keep oil prices and inflation risks under close scrutiny.
Bitcoin’s recent recovery has also coincided with global equity benchmarks trading near record highs, helping sustain broader risk appetite and supporting digital asset prices.
Altcoins Trade Mixed in Tight Ranges
Trading across major alternative cryptocurrencies remained subdued on Monday, with most tokens confined to narrow ranges as the broader market adopted a wait-and-see stance.
| Cryptocurrency | Performance/Price |
|---|---|
| Ethereum (world no. 2 crypto) | Flat at $1,919.92 |
| XRP (world no. 3 crypto) | Down 0.4% to $1.0314 |
| Solana | Up 0.4% |
| Cardano | Down 0.5% |
| Dogecoin | Down 0.3% |
Ethereum, the second-largest cryptocurrency by market capitalization, traded unchanged at $1,919.92. XRP, the third-largest token, slipped 0.4% to $1.0314. Among other major altcoins, Solana rose 0.4%, while Cardano declined 0.5%.
In the meme token segment, Dogecoin edged down 0.3%, adding to the generally cautious tone across the digital asset complex.
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