Bitcoin Tops $65,340 After Weak U.S. Jobs Report

Bitcoin rose to $65,340 on Bitstamp on Friday after the US Bureau of Labor Statistics reported that nonfarm payrolls fell by 23,000 in July. The move followed the release of the month’s employment data and came during US market hours.

The BLS reported the unemployment rate held at 4.1% and revised May payrolls down by 66,000 and June payrolls down by 37,000, leaving employment for those two months 103,000 lower than previously reported.

CME Group’s FedWatch Tool showed markets trimming the probability of a 25-basis-point Federal Reserve rate increase in September and instead pricing a pause at the meeting.

Bitcoin traded about 1.3% higher on the day. US equities opened higher, with the S&P 500 up roughly 0.5% and the Nasdaq Composite up just over 1%.

Ryan Lee, chief analyst at Bitget Research, wrote that the payrolls report would “set the tone” for the Fed’s September meeting and the central bank’s annual Jackson Hole symposium at the end of August.

Fabian Dori, chief investment officer at Sygnum Bank, warned that the scale of the slowdown would affect markets: “An orderly slowdown supports the liquidity relief case, while a print weak enough to raise growth concerns can still pressure risk assets even as rate odds move.”

Trading firm QCP Capital described the macro picture as “uncertain” and added that the week’s price action pointed to “resilience rather than clear directional confirmation” for crypto. The firm also noted that a Coldcard wallet exploit and corporate Bitcoin sales had not triggered large demand for panic protection in options markets.

Some option traders are watching for a potential breakdown from the current Bitcoin trading range in coming weeks. Market participants said they will monitor incoming economic data, any further payroll revisions and comments from Fed officials at Jackson Hole for signals on monetary policy and implications for risk assets and digital tokens.