TLDR
- Bitcoin hit a month-to-date high of $65,340 on August 7, up 1.3% on the day
- US nonfarm payrolls fell by 23,000 in July, the first monthly job loss since February
- Fed rate hike odds for September dropped from 55% to 42% after the jobs data
- US spot Bitcoin ETFs recorded $98.85M in net inflows, a fifth consecutive day of inflows
- QCP Capital described crypto price action this week as showing “resilience”
Bitcoin climbed to its highest point in August on Friday after weak US jobs data shifted expectations around Federal Reserve policy.
Data from TradingView showed BTC/USD reaching $65,340 on Bitstamp, a 1.3% gain on the day. For the week, Bitcoin was on track for a gain of more than 3%.
The move came after the US Bureau of Labor Statistics reported that nonfarm payrolls fell by 23,000 in July. That was well below the consensus estimate of a rise of 85,000 jobs. It marked the first monthly job loss since February.
BREAKING: The US economy unexpectedly loses -23,000 jobs in July, well below expectations of +85,000.
The unemployment rate fell to 4.1%, below expectations of 4.2%.
June’s jobs number was also revised down by -37,000 jobs.
This marks the 3rd biggest monthly job loss since the…
— The Kobeissi Letter (@KobeissiLetter) August 7, 2026
The unemployment rate ticked down slightly to 4.1% from 4.2% in June.
On top of the headline miss, jobs figures for May and June were revised lower by a combined 103,000. That added to the sense that the labor market is cooling more than previously thought.
Fed Rate Hike Odds Shift After Jobs Report
Markets moved quickly after the data. According to the CME FedWatch Tool, odds of a 0.25% rate hike at the September Fed meeting fell from 55% the day before to around 42% after the release.
By later in the session, the majority expectation had shifted to the Fed holding rates steady in September.
Michael Feroli, chief US economist at JPMorgan, said the report should “marginally lower the chances of a hike at the next meeting.” He noted the next two months of inflation data would be more important for the Fed’s decision.
The S&P 500 opened 0.5% higher on the news. The Nasdaq added just over 1%.
Analyst Daan Crypto Trades posted on X that Bitcoin’s Bull Market Support Band and the Weekly 200 EMA have lined up at the $69,000 area. He said a close into the 70Ks from that level would be a strong signal for the market, and noted that current consolidation would eventually lead to a “large break from compression.”
$BTC Now has its Bull Market Support band and Weekly 200EMA line up perfectly at the $69K area.
If price were to test that, it will be a big test and any closes into the 70Ks and the market is so back.
Below, bitcoin has been hanging onto its Weekly 200MA with marginally higher… pic.twitter.com/gQzZJ0XLWU
— Daan Crypto Trades (@DaanCrypto) August 7, 2026
Bitcoin ETF Inflows Continue
US spot Bitcoin ETFs recorded $98.85 million in net inflows on August 7, according to SoSoValue data cited by Wu Blockchain on X. That marked a fifth straight day of net inflows into US spot Bitcoin products. US spot Ether ETFs also saw $49.60 million in inflows, their fourth consecutive day of positive flows.
U.S. Spot Bitcoin ETFs Record $98.85M in Net Inflows, Extend Streak to Five Days
According to SoSoValue data, U.S. spot Bitcoin ETFs recorded $98.85 million in net inflows on August 7 (ET), marking a fifth consecutive trading day of net inflows. U.S. spot Ether ETFs also saw… pic.twitter.com/QCYOZWFTdm
— Wu Blockchain (@WuBlockchain) August 8, 2026
Trading firm QCP Capital said the week’s crypto price action pointed to “resilience rather than clear directional confirmation.” It noted that the Coldcard wallet exploit and BTC sales by companies including Strategy had only caused limited panic in options markets.
Bitcoin remained largely within a $62,000 to $65,000 trading range for the week, with the $65,340 high representing the top end of that range.
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