Bitcoin Stuck Below Moving Averages Despite Softer Fed Outlook

Bitcoin continued its tumultuous journey on Thursday, trading at $64,938 after a 1.06% daily gain, but still stuck below both its short-term and long-term moving averages.

The US economy shed 23,000 jobs in July, missing the expected 95,000 gain economists had predicted, which led to a cut in CME FedWatch's September rate-hike odds to 40% from 55%.

Despite this, markets read it as a reason for the Federal Reserve to keep its hands off rates, with Treasury yields falling and the dollar dropping 0.5%.