Bitcoin Still Below Moving Averages Despite Jobs Report Boost

The July jobs report was worse than expected, with employers cutting 23,000 jobs, a sharp miss against the 95,000 gain economists had predicted. This sent mixed signals to markets and investors.

The weaker-than-expected employment data led to a decrease in rate-hike odds by the CME FedWatch tool, which now puts the chances of a September hike at 40% from 55%. Treasury yields fell, and the dollar dropped 0.5%, indicating that the Federal Reserve may not raise rates as soon.

However, Bitcoin's price action remains stuck below its short-term and long-term moving averages, with a 'death cross' formation in place. This technical indicator suggests that the medium-term trajectory is still pointing downwards, despite the recent rally to $64,938.