- Bitcoin price climbed above $65,000 as weaker U.S. jobs data and strong Bitcoin ETF inflows supported the recovery.
- The upcoming U.S. CPI report could determine whether BTC breaks above the key $65,800 resistance.
Bitcoin price climbed above $65,000 on Monday before pulling back slightly as traders assessed fresh U.S. economic signals. The recovery gained support after weaker employment data reduced expectations for another Federal Reserve rate hike.
BTC reached an intraday high of $65,363 and traded near $64,955 at the time of writing. Bitcoin is up 0.3% over the past 24 hours and 3.4% over the past seven days. The next major test for Bitcoin could come from Wednesday’s U.S. inflation report.
Bitcoin gains after weak U.S. jobs data
Bitcoin price received support after U.S. employment data showed a weaker labor market in July. The U.S. economy lost 23,000 nonfarm payroll jobs during the month, while unemployment remained around 4.1%.
Previous payroll figures were also revised lower. May payroll growth was reduced by 66,000 jobs, while June was revised down by 37,000. The revisions removed 103,000 jobs from the previous estimates combined.
The weaker data caused traders to reduce expectations for another Federal Reserve rate increase. Bitcoin then moved above $65,000 as investors reassessed the U.S. rate outlook.
However, the Federal Reserve still faces above-target inflation. The central bank kept its target interest rate range at 3.50% to 3.75% at its July meeting.
Bitcoin ETF inflows strengthen
Strong institutional demand has also supported the recent Bitcoin price recovery. SoSoValue reported $854 million in net inflows into U.S. spot Bitcoin ETFs between August 3 and August 7. BlackRock’s IBIT accounted for about $694 million of those inflows.
The figures show a stronger return of institutional demand after weaker flows toward the end of July.
Bitcoin has also remained above the $64,000 area despite facing resistance near $65,000. This suggests buyers remain active as BTC approaches a key technical zone.
$65,800 becomes the next Bitcoin price hurdle
Bitcoin now faces a major resistance area between $65,000 and $66,000. A sustained move above this zone could improve the short-term outlook.
Technical indicators have also improved. Bitcoin’s RSI stood at 55.07, above the neutral 50 level. The reading suggests buyers have a slight advantage without pushing BTC into overbought territory.
The Awesome Oscillator was also positive at around 664.19. However, its relatively small histogram bars suggest that the current recovery has not yet developed into a strong breakout.
Analyst Michaël van de Poppe identified $65,800 as a critical level. He has suggested that clearing this resistance could open the path toward $73,700. That remains a technical target rather than a confirmed Bitcoin price prediction.
$BTC is ready for a breakout to atleast $73,700.
To me, there’s one critical level to break.
That’s the weekly level at $65,800.
When I’m looking at the charts, I don’t think we’ll test lower as the arguments are simply not there.
➡️ The MACD of multiple #Altcoins look… pic.twitter.com/uZ9FlMjz4B
— Michaël van de Poppe (@CryptoMichNL) August 9, 2026
U.S. CPI report could decide Bitcoin’s next move
The U.S. July Consumer Price Index report will be released on Wednesday, August 12. The data could have a major impact on Bitcoin and other risk assets. Economists expect headline inflation to slow to 3.4% annually from 3.5% in June. Core inflation is expected to ease to 2.5% from 2.6%.
A hotter-than-expected CPI reading could increase expectations for tighter Fed policy. That could put pressure on Bitcoin and push BTC back toward the lower end of its recent range.
A softer inflation reading could have the opposite effect. It could support expectations for easier monetary policy and give Bitcoin more room to challenge the $65,800 resistance.
For now, Bitcoin price remains caught between $65,000 and $66,000. Holding above $65,000 and breaking $65,800 could strengthen the recovery, while another rejection could expose BTC to renewed selling pressure.
ALSO READ: Uniswap Launches Pools.trade Memecoin Launchpad on Robinhood Chain
DISCLAIMER:
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of the publisher. The publisher does not endorse or guarantee the accuracy of any information presented in this article. Readers are encouraged to conduct further research and consult additional sources before making any decisions based on the content provided.
About the Author
