Bitcoin Tops $65K Ahead of Key Inflation Data Release

Bitcoin's price surged above $65,000 on Monday before dipping back below the level. This comes as investors reassess the U.S. interest rate outlook after a weak employment report.

The Bureau of Labor Statistics released data showing that the U.S. economy lost 23,000 nonfarm payroll jobs in July, while unemployment held near 4.1%. The Fed's target range remains at 3.50% to 3.75%, but three voting officials prefer a 25 basis point increase.

Despite this, institutional demand for Bitcoin has strengthened throughout the week. SoSoValue reported $854 million in net inflows into U.S. spot Bitcoin ETFs from Aug. 3 through Aug. 7, with BlackRock's IBIT accounting for about $694 million.