Crypto
Bitcoin Taps $65k Amid Weak Jobs Data and ETF Frenzy
Bitcoin surged above $65,000 on August 10, driven by disappointing US July nonfarm payrolls that reduced expectations for further Federal Reserve rate hikes. The cryptocurrency gained 3.4% over the week.
The strong institutional demand was supported by net inflows of $854 million into US spot Bitcoin ETFs, led by BlackRock's IBIT. This influx of investment capital contributed to Bitcoin's price rise.
Technical analysts highlight a critical resistance level at $65,800, suggesting potential for a rally toward $73,700. Investors now await the upcoming US Consumer Price Index data, expected to show easing inflation, which could further influence market direction.