Bitcoin Extends Recovery Above $65K on Institutional Demand and Soft US Jobs Data
Bitcoin has started August on a firmer note, reclaiming the $65,000 level as renewed institutional demand and softer-than-expected US jobs data support its recovery. The cryptocurrency is currently trading in the $65,145-$65,200 zone, with the latest move reflecting improving market sentiment after the weak US jobs report revived expectations that the Federal Reserve could adopt a less aggressive interest-rate stance.
Continued institutional buying through spot Bitcoin ETFs has provided additional support to the market. Recent reports indicate more than $1.1 billion in combined Bitcoin and Ether ETF inflows over the past week, highlighting renewed institutional interest in digital assets.
The next major test for Bitcoin's rally is the upcoming US CPI inflation figures on August 12. A softer inflation reading could strengthen expectations for easier monetary policy and potentially support Bitcoin, while hotter-than-expected inflation could push Treasury yields and the dollar higher, creating fresh pressure on risk assets.