Bitcoin (BTC) hit new August highs into Friday\u2019s Wall Street open as markets reacted to weaker US jobs numbers.<\/p>\n
Key points:<\/strong><\/p>\n Data from TradingView showed BTC\/USD hitting $65,340 on Bitstamp, up 1.3% on the day, as fresh US labour-market data was released.<\/p>\n BTC\/USD four-hour chart. Source: Cointelegraph\/<\/em>TradingView<\/em><\/span><\/a><\/p>\n The US economy lost 23,000 jobs in July, per nonfarm payrolls data from the Bureau of Labor Statistics (BLS), with the unemployment rate at 4.1%, numbers it described as \u201clittle changed\u201d versus the month prior.<\/p>\n \u201cThe change in total nonfarm payroll employment for May was revised down by 66,000, from +129,000 to +63,000, and the change for June was revised down by 37,000, from +57,000 to +20,000. With these revisions, employment in May and June combined is 103,000 lower than previously reported,\u201d an official statement<\/span><\/a> added.<\/p>\n The combination of negative July values and downward revisions appeared to boost both crypto and US stocks, with traders linking weaker labor-market conditions with potential policy softening from the Federal Reserve.<\/p>\n The S&P 500 index opened 0.5% higher, while the tech-heavy Nasdaq Composite Index added just over 1%.<\/p>\n Data from CME Group\u2019s FedWatch Tool<\/span><\/a> reveals that markets are now expecting the Fed to hold interest rates at current levels at its September meeting. As late as yesterday, majority odds had favored a 0.25% rate hike.<\/p>\n Fed target-rate probability comparison for September FOMC meeting. Source: CME Group<\/em><\/p>\n Prior to the employment data release, Ryan Lee, chief analyst at Bitget Research, said that it would \u201cset the tone\u201d for both the September meeting and the Fed\u2019s annual economic Jackson Hole economic symposium, taking place at the end of August.\u00a0<\/p>\n Fabian Dori, CIO at Sygnum Bank, predicted that Fed chair Kevin Warsh would be influenced by the extent to which payrolls data shifted lower.\u00a0<\/p>\n \u201cAn 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,\u201d he said in comments sent to Cointelegraph.<\/p>\n In its latest crypto and macro overview released<\/span><\/a> on the day, trading company QCP Capital described the macro picture as \u201cuncertain\u201d for Bitcoin.<\/p>\n Related: <\/strong><\/em>Bitcoin price-metric basket sees longest capitulation since FTX blow-up: Glassnode<\/strong><\/em><\/span><\/a><\/p>\n \u201cFor crypto, the week\u2019s price action points to resilience rather than clear directional confirmation,\u201d it summarized.<\/p>\n QCP noted that the fallout from the Coldcard wallet exploit<\/span><\/a>, along with BTC sales by corporations including Strategy<\/span><\/a>, had only sparked \u201climited demand for panic protection\u201d on options markets.<\/p>\n Previously, Cointelegraph reported<\/span><\/a> on option traders\u2019 expectations for a BTC price trading-range breakdown to occur next month. <\/p>\n<\/div>\n This article is produced in accordance with Cointelegraph’s Editorial Policy<\/a> and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.<\/p>\n\n
Bitcoins Crypto, stocks higher on low nonfarm payrolls print<\/h2>\n
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<\/figure>\nBitcoins Analysis praises Bitcoin, altcoin \u201cresilience\u201d<\/h2>\n