Bitcoin climbed above $65,000 during early trading on August 10, reaching an intraday high of $65,363 before slipping back below the level, extending its recovery as investors reassessed the U.S. interest rate outlook. The cryptocurrency was trading near $64,955 at the time of writing, up 0.3% over 24 hours and 3.4% over seven days, marking a significant breakthrough from previous resistance levels. Bitcoin had been trading near $64,206 on August 7, down 0.5% daily and 0.6% over seven days, showing continued weakness after failing to reclaim the critical $65,000 resistance level. The latest surge above $65,000 represents a notable improvement from the compressed trading range of $62,000 to $65,000 that Bitcoin had been experiencing. Bitcoin now needs to close above the $64,800–$65,000 area to confirm renewed upward momentum, with the $64,000 level providing immediate support, followed by the recent swing low near $62,400 if selling pressure increases. Analyst Daan Crypto Trades noted that a move above $67,000 would make the structure more constructive, with $69,000 to $72,000 containing several higher-timeframe resistance levels, describing BTC as remaining in sideways trade until that breakout occurs.
U.S. spot Bitcoin ETFs attracted $854 million in net inflows from August 3 through August 7, with BlackRock's IBIT accounting for approximately $694 million, according to SoSoValue data. This marks a reversal from the weaker fund flows seen around the end of July, with the positive aggregate flow providing steady spot demand even though Bitcoin has not cleared nearby resistance. The $62,000 to $65,000 region has contained much of Bitcoin's recent trading, with the positive ETF flows supporting the $64K area despite the lack of a breakout from resistance levels. As previously reported, renewed inflows have helped stabilize Bitcoin during weak trading periods, though ETF buying does not guarantee immediate price appreciation when other holders sell into the same demand. The $65,800 level remains a closely watched Bitcoin barrier, with analyst Michaël van de Poppe calling it the "critical level" and suggesting BTC is "ready for a breakout to at least $73,700".
The U.S. economy lost 23,000 nonfarm payroll jobs in July, while unemployment held near 4.1%, according to official BLS data, with May and June payroll growth revised down by 66,000 and 37,000 respectively. Average hourly earnings rose 3.2% from a year earlier, while the policy backdrop remains divided. The Federal Reserve held its target range at 3.50% to 3.75% on July 29, but three voting officials preferred a 25 basis point increase. Futures markets put the probability of a September Fed rate increase near 44%, down from 67% one week earlier, as traders reduced expectations for another Federal Reserve rate increase. Bitcoin moved above $65,000 after the report as rate expectations shifted, with BTC initially gaining almost 2% as investors interpreted weaker hiring as reducing pressure on the Fed to tighten policy.
The Relative Strength Index stood at 55.07, above its moving average of 50.44 and the neutral 50 level, pointing to moderate bullish momentum with buyers holding a slight advantage. The Awesome Oscillator was positive at about 664.19, supporting the improving momentum picture, though its histogram bars remained relatively small compared with those recorded during stronger directional moves. The price structure has improved since Bitcoin traded near $62,500 at the beginning of last week, but the market has repeatedly struggled between $65,000 and $66,000. Crypto.news previously identified the same area in recent resistance analysis, where $65,000 to $65,500 also contained a concentration of liquidation liquidity. The market is now focused on Wednesday's July CPI report, with economists expecting headline inflation to slow to 3.4% annually and core inflation to slow to 2.5%, which could provide the next evidence on whether the U.S. macro environment supports Bitcoin's continued recovery.
Every major cryptocurrency except XRP is green on the week, with BTC, ether and BNB each up nearly 3% as global stocks trade near a record, according to latest market data. Ether traded near $1,919 and is also up almost 3% on the week, while BNB gained 0.3% to $603 and matched that weekly move. Solana was the strongest major, up 1% on the day to nearly $77 and almost 5% over seven days. XRP was the only major in the red on both views, slipping 0.4% to $1.03 and down 4% on the week. The MSCI All Country World Index rose 0.1%, its seventh gain in eight sessions, with the Asian gauge up 0.6% after Friday's soft jobs report sent the S&P 500 to a record. Chipmakers led the rally, with a regional semiconductor gauge rallying more than 1.5% on gains at Taiwan Semiconductor and SK Hynix. Oil prices rose on renewed Middle East tensions, with Brent up 1% to $84.40 a barrel, extending a gain of more than 5% over three sessions.
