Bitcoin (BTC) Surges Past $65K Following Softer Employment Data and Rising ETF Demand

Key Highlights

• Bitcoin momentarily crossed the $65,000 threshold on August 10, hovering around $64,955 during the reporting period, reflecting a 3.4% weekly gain.
• July nonfarm payrolls decreased by 23,000 jobs, diminishing the likelihood of additional Federal Reserve interest rate increases.
• Weekly net inflows into U.S. spot Bitcoin ETFs reached $854 million, with BlackRock’s IBIT contributing $694 million.
• Consumer Price Index figures for July are scheduled for release on Wednesday, August 12, with forecasts pointing to headline inflation declining to 3.4%.
• Trading expert Michaël van de Poppe identified $65,800 as the “critical level,” suggesting a possible rally toward $73,700.

Bitcoin surged beyond the $65,000 mark during Monday morning trading on August 10, peaking at an intraday level of $65,363 before experiencing a modest retreat. During the reporting window, BTC hovered around $64,955, registering a 0.3% increase over the previous 24-hour period and posting a 3.4% advance across the trailing week.

Bitcoin (BTC) Price

The upward movement came on the heels of Friday’s disappointing U.S. employment statistics. The latest figures revealed a loss of 23,000 nonfarm payroll positions in July, while the unemployment rate remained stable near 4.1%. Additionally, downward revisions eliminated a combined 103,000 jobs from the May and June reports.

These employment figures triggered a recalibration of market sentiment. Futures pricing now indicates a 44% probability of a Federal Reserve rate increase in September, a notable decline from the 67% likelihood observed just one week prior.

The Federal Reserve maintained its benchmark rate within the 3.50% to 3.75% range during its July 29 meeting. Three committee members had advocated for a 25 basis point increase, with policymakers acknowledging that inflation continues to exceed the central bank’s 2% objective.

Market observer Ted Pillows provided commentary on Bitcoin’s price trajectory, highlighting that $BTC continues to maintain support above its ascending trendline and that sustained strength above the $63,000 level positions Bitcoin favorably for additional upside movement.

Institutional Bitcoin ETF Demand Accelerates

Institutional participation intensified throughout the previous week. According to SoSoValue tracking data, U.S. spot Bitcoin ETFs captured $854 million in aggregate net inflows during the five-day period spanning August 3 through August 7. BlackRock’s IBIT product dominated this activity, representing $694 million of the weekly total.

Farside Investors’ tracking platform indicates a marginally higher figure of approximately $865.3 million for the identical timeframe. This variance stems from differences in data collection methodologies rather than contradictory information.

Notwithstanding the robust ETF capital flows, Bitcoin consolidated within a tight range around $64,200 throughout much of the week before mounting Friday’s advance.

Key Technical Indicators and Price Levels

The Relative Strength Index registered a reading of 55.07, positioned above its moving average of 50.44, indicating moderately bullish market momentum. The Awesome Oscillator displayed a positive value of 664.19, reinforcing constructive sentiment while stopping short of signaling an imminent breakout.

Trading strategist Michaël van de Poppe designated $65,800 as the “critical level” in an August 9 analysis, pointing to bullish divergence patterns evident in both RSI and MACD indicators. His assessment projects BTC is “ready for a breakout to at least $73,700.”

The $65,000 to $66,000 zone has consistently functioned as a resistance ceiling. Bitcoin began the previous week trading around $62,500 before rallying to present price levels.

Throughout the wider cryptocurrency ecosystem, Solana delivered the strongest performance among leading digital assets, advancing nearly 5% over the seven-day measurement period. XRP stood as the sole major cryptocurrency posting losses, declining 4% on a weekly basis.

Wednesday’s Consumer Price Index release represents the next significant market-moving event, with economic forecasters anticipating July headline inflation will moderate to 3.4% on an annual basis, while core inflation is projected to decelerate to 2.5%.

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