Death Cross Still Looms Over Bitcoin as Jobs Miss Cuts Rate-Hike Odds

Bitcoin's price remains stuck below its key moving averages, even as it trades at $64,938, up 1.06% on the day.

The US economy shed 23,000 jobs in July, missing the 95,000 gain economists expected, which has led to a cut in rate-hike odds to 40% from 55% according to CME FedWatch.

While this softer Fed path is usually a tailwind for risk assets and crypto, Bitcoin's chart shows a market that hasn't reclaimed its trend. The death cross formation, where the shorter average sits under the longer one, still points down in the medium-term trajectory.