Bitcoin remained largely steady near the $65,000 threshold on Monday, having climbed above that level after a softer-than-expected U.S. jobs report. By 02:41 ET (06:41 GMT) the world's largest cryptocurrency was trading 0.5% higher at $65,191.4.
Market participants have shifted attention to imminent U.S. inflation figures as a potential guide to Federal Reserve policy. On Friday, payroll data showed U.S. employers unexpectedly eliminated 23,000 positions in July, versus consensus forecasts for roughly 80,000 new jobs. Additionally, payrolls for May and June were revised lower by a combined 103,000, underscoring signs of cooling in the labor market even as the unemployment rate edged down to 4.1%.
Those employment revisions have trimmed expectations for additional near-term Fed tightening and supported demand for risk-sensitive assets, including cryptocurrencies. Over the past week Bitcoin rose about 3% amid that backdrop, though the token has found it difficult to hold sustained gains above $65,000, a level that has acted as a short-term technical ceiling in recent sessions.
Traders are now focused on Wednesday's U.S. consumer price report for further clues on the Fed's policy trajectory. Inflation prints have taken on added importance because oil and energy prices remain vulnerable to geopolitical developments in the Middle East. Brent crude traded above $83 a barrel on Monday as tensions persisted, with reports indicating Iran is seeking concessions from the United States before consenting to reopen the Strait of Hormuz. The waterway remains a key conduit for global energy shipments, keeping oil-driven inflation risks salient.
Global equity markets trading near record highs have also helped sustain a broader appetite for risk, supporting crypto demand. Technical analysts note that a decisive and sustained break above $65,000 could shift focus toward the next resistance band in the $66,000-$67,000 area. Conversely, inability to hold the $65,000 mark would leave Bitcoin exposed to renewed profit-taking, according to market watchers.
Most altcoins traded in relatively tight ranges on Monday, reflecting a cautious market tone. Ethereum climbed 0.4% to $1,925.92, while XRP slipped 0.5% to $1.0357. Solana gained 0.7%, Cardano was largely unchanged, and Dogecoin ticked down 0.3%.
Reporter: Sofia Navarro