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Bitcoin Rises Above $65,000 as Weak Jobs Data Lifts Crypto

· By Bernal Fintech Markets Desk

Bitcoin (BTC) has climbed above $65,000 as weak U.S. jobs data reduced expectations for further Federal Reserve rate hikes, boosting risk assets including cryptocurrencies. The July U.S. nonfarm payrolls report showed a loss of 23,000 jobs, far below the expected gain of 80,000, marking the third-largest decline in employment since 2020. This unexpected data has shifted market sentiment, with traders pricing in a pause in Fed tightening and signaling potential easing in the near term.

On-chain data and market analysts suggest the recent price movement could be a sign of a broader trend. Bitcoin has been consolidating between $58,076 and $66,896 since early July 2026, but the latest jobs report has triggered a breakout. The price reached a high of $65,300 on August 7, supported by a combination of macroeconomic factors, including reduced rate-hike odds and a broader relief rally across risk assets.

Market Context and Technical Analysis

The weak jobs data has led to a reassessment of the U.S. labor market and the Fed’s policy path. With the unemployment rate falling to 4.1%, the data has strengthened expectations that the Federal Reserve will hold rates at 3.50% to 3.75% in September. This has reduced the perceived risk of further tightening, which has historically pressured crypto markets. Analysts note that Bitcoin remains in a death cross, a technical indicator suggesting a bearish trend, but the recent price action may signal a potential reversal.

On-chain data from Finbold indicates that the current price movement could be a precursor to a larger upward trend. The data suggests that Bitcoin may be entering a phase of accumulation, with whale activity and ETF inflows contributing to the upward momentum. Meanwhile, Ethereum has also seen a rise, pushing toward $1,930, indicating a broader rally across the crypto market.

What it means for markets

The recent rise in Bitcoin and other risk assets highlights the sensitivity of the crypto market to macroeconomic data and central bank policy expectations. As the Fed’s rate-hike cycle appears to be nearing an end, investors may be shifting capital toward risk-on assets, including cryptocurrencies. This could lead to further price appreciation in the near term, especially if the labor market continues to show signs of weakness.

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