Bitcoin Rally Fades as Jobs Report Falls Short
Bitcoin's recent price bounce to $65,000 has been short-lived. Despite the rally, bearish technical indicators persist, and prediction market traders are split on what's next for the cryptocurrency.
The July jobs report, which showed a net loss of 23,000 jobs, was seen as a reason for the Federal Reserve to keep interest rates low. This should have been fuel for a risk-on bounce in Bitcoin, but instead, it tapped the average price of the last 50 days and rolled back below.
The top 10 crypto assets by market cap show a similar story in relative terms. Bitcoin was one of the steadier large caps on the week at +1.17% over seven days, behind only BNB and Solana, but still can't close above its moving-average ceiling.
On Myriad, a prediction market built by Dastan, the odds are against a run to $84K, with 64.6% odds of a drop to $55K. The monthly resolution books sharpen the picture, showing that the crowd fears a wobble toward $60,000 far more than a collapse through $55,000.