Bitcoin Holds Steady at $64,000 Ahead of US Jobs Report

Bitcoin's price held steady at $64,000 as the market prepared for the official U.S. jobs report on Friday.

The ADP reported a sharp slowdown in private hiring, adding only 44,000 jobs in July, down 51,000 from the revised 95,000 gain in June.

This decrease has left the market balancing possible interest rate relief against the risk of a deeper growth scare. The outcome will be closely watched as it could break the support level at $64,000.

According to ADP's wage data, annual pay growth for workers changing jobs accelerated to 7.0% from 6.6% in June, while growth for workers who stayed in their jobs held at 4.4%. The Treasury's daily curve showed the two-year yield rising to 4.25% on Aug. 6 from 4.18% a day earlier.

The market will be looking for signs of rate relief or a deeper growth scare, with falling short-term yields and a weaker dollar alongside stable or rising Bitcoin supporting a rate-relief interpretation. Weak payrolls paired with falling Bitcoin and broader risk assets would instead be consistent with growth-scare selling.