Bitcoin Surges Past $65K on Soft Employment Data and Rising ETF Demand

Bitcoin's price surged past $65,000 on August 10, reaching an intraday high of $65,363 before retreating modestly. The cryptocurrency hovered around $64,955 during the reporting period, reflecting a 3.4% weekly gain.

The upward movement came after disappointing U.S. employment statistics were released, showing a loss of 23,000 nonfarm payroll positions in July. This triggered a recalibration of market sentiment, with futures pricing indicating a 44% probability of a Federal Reserve rate increase in September, down from the 67% likelihood observed just one week prior.

BlackRock's IBIT product led $854 million in net inflows into U.S. spot Bitcoin ETFs during the five-day period spanning August 3 through August 8. Trading expert Michaël van de Poppe identified $65,800 as the 'critical level', suggesting a possible rally toward $73,700.