Bitcoin rallies above $65,000 after U.S. jobs data undershoots expectations, prompting traders to reduce Fed rate hike bets.
Macro & Markets ·
Bitcoin rose above $65,000 following a significant miss in U.S. employment data for July, with payrolls falling 23,000 against a forecast of 80,000. The weaker-than-expected jobs report shifted market expectations around Federal Reserve policy, with traders reducing their bets on a rate hike in September.
The employment shortfall created a narrative favoring looser monetary conditions, which typically supports risk assets like Bitcoin. Market participants interpreted the data as a signal that the Fed may hold or adjust its rate trajectory, reducing the appeal of holding cash or fixed-income instruments relative to alternative assets.
The move to $65,000 reflects how traditional macroeconomic releases now drive crypto price action alongside sentiment around central bank decisions. Whether the momentum sustains depends on confirmation from upcoming Fed communications and additional economic data.