Bitcoin's Support at $64,000 Tested Ahead of US Jobs Report

Bitcoin's price stabilized around $64,000 on Friday morning UTC as it faced a crucial test ahead of the official US jobs report. Private employers added only 44,000 jobs in July, down from 95,000 in June, according to ADP data.

This marked a significant slowdown in hiring, with education and health services accounting for about 82% of the overall gain. Meanwhile, ADP's wage data showed that annual pay growth for workers changing jobs accelerated to 7.0%, while growth for those staying in their jobs remained at 4.4%. This complicated the case for an easier policy outlook.

The two-year yield and 10-year Treasury yields both rose on August 6, with the former reaching 4.25% and the latter increasing to 4.69%. The market is now waiting for the official jobs report at 8:30 a.m. ET on August 7, which could break support around $64,000 if it shows weak payrolls.