TLDR
- Bitcoin dropped 0.69% to around $64,384, rejected at the $64,800–$65,000 resistance zone
- U.S. initial jobless claims came in at 199,000, below the forecast of 204,000, signaling a tight labor market
- Traders now price a 54.71% chance of a 25-basis-point Fed rate hike in September
- Oil price surge and Strait of Hormuz tensions added pressure on risk assets
- Spot Bitcoin ETF inflows hit $626 million in early August, up sharply from $172.4 million in July
Bitcoin fell on Thursday as fresh U.S. jobs data and rising rate hike expectations put pressure on crypto markets. The world’s largest cryptocurrency slipped 0.69% to $64,384, pulling back after testing key resistance.
The U.S. Department of Labor reported initial jobless claims of 199,000 for the week ending August 1. That came in below the forecast of 204,000 and slightly above last week’s revised 198,000. The four-week moving average dropped to 198,750, down roughly 4,500 from the prior reading.
🇺🇸LIVE: US labor data is out, and it is largely POSITIVE for the inflation outlook.
Initial jobless claims came in at 199k, BELOW 205k expected, meaning layoffs remain limited.
However, continuing claims rose to 1.801M, ABOVE 1.789M expected, meaning unemployed workers are… pic.twitter.com/t43u7CS55D
— Coin Bureau (@coinbureau) August 6, 2026
A tight labor market gives the Federal Reserve more room to keep rates elevated. Higher interest rates tend to reduce demand for risk assets like Bitcoin.
Crypto analyst Ted Pillows posted on X that spot buyers were pushing BTC higher, adding “This looks good.” His post suggested some traders still see buying interest at current levels, even as macro headwinds mount.
Spot buyers are pushing $BTC higher.
This looks good. pic.twitter.com/X08POgNtiI
— Ted (@TedPillows) August 6, 2026
The CME FedWatch Tool showed traders placing a 54.71% probability on a 25-basis-point rate hike at the September Fed meeting. Markets are also watching Fed Chair Kevin Warsh, who is reportedly working on a new communication approach at the central bank.
Geopolitical Pressure Adds to Selling
Oil prices surged Thursday, denting broader risk sentiment. Reports emerged of a potential deal to reopen the Strait of Hormuz, with Iran and Oman said to be reviewing an initial framework. Under the reported plan, passage of U.S. and Israeli vessels through the waterway would be restricted until compensation was paid.
Those details would likely be unacceptable to Washington, keeping uncertainty elevated. Bitcoin edged lower alongside other risk assets as traders processed the headlines.
ETF Inflows Pick Up in August
Despite the price weakness, spot Bitcoin ETF flows showed improvement. Inflows reached $626 million in early August, up sharply from $172.4 million for the whole of July, according to data from SoSoValue.
Bitcoin Spot ETFs Record $129 Million in Net Inflows on August 6, Marking Four Straight Days of Inflows
On August 6 (ET), Bitcoin spot ETFs recorded total net inflows of $129 million, marking four consecutive days of net inflows. Ethereum spot ETFs recorded total net inflows of… pic.twitter.com/GS4MZVjka2
— Wu Blockchain (@WuBlockchain) August 7, 2026
That comes after Bitcoin ETFs saw nearly $7 billion in net outflows across May and June combined.
On the price chart, BTC has bounced from lows near $62,400 but has failed to close above the $64,800–$65,000 resistance zone. Sellers have returned near that level each time, pushing price back to the $64,000 support area.
Spot Bitcoin ETF inflows hitting $626 million in early August mark the latest data point in Bitcoin’s current price story.
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