Bitcoin Surges to $65,340 on Weaker US Job Losses

Bitcoin's price surged to $65,340 on August 7 after the US nonfarm payrolls unexpectedly fell by 23,000 in July. This weaker employment data reduced the probability of a Federal Reserve rate hike in September from 55% to 42%, boosting market sentiment.

The unexpected job losses and subsequent reduction in Fed rate hike odds contributed to a boost in investor interest, with US spot Bitcoin ETFs seeing $98.85 million in net inflows over five consecutive days.

However, the market remains cautious, trading within a range of $62,000 to $65,000, and eyes are on inflation data for future Fed moves.