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Bitcoin fails to sustain above $65,000 as Sep hike odds cool
Fed funds futures priced a 57.4% chance of a September rate hike as of Aug. 5, down from 80.5% a week earlier.
Bitcoin’s latest attempt to break out stalled after it briefly pushed above $65,000 on Aug. 5, failing to hold the move. CryptoSlate said the pause comes even as broader macro expectations shifted, with Fed funds futures cutting the implied odds of a September rate hike to 57.4% from 80.5% a week earlier.
The report linked the market setup to easing macro pressure, noting that lower hike odds and cheaper oil have typically been supportive for crypto sentiment. It also pointed to Brent crude falling more than 5% on Aug. 4 and settling near $79 amid hopes for a de-escalation deal related to Hormuz.
CryptoSlate said Bitcoin has been rangebound between $62,000 and $68,000 for weeks, and that the next potential catalyst is Friday’s July jobs report. The article cited expectations for roughly 80,000 new jobs, up from June’s 57,000, with unemployment near 4.2%, and described that a “Goldilocks” outcome could make a sustained breakout more credible.
It added that if the jobs data is hot, it could rebuild the case for a September hike and weigh on Bitcoin’s setup, while a weak print could trigger a short-lived rally tied to lower yields. The piece also discussed the Fed’s latest hold decision, as well as recent inflation and labor market readings that informed current expectations.
Latest closeWTI crude $75.12 ▼0.9%|Brent $79.49 ▲0.2%|Bitcoin $64,613.90 ▲0.0%