Key facts
- Bitcoin fell to $64,384.27 following a decline in US initial jobless claims.
- US employers cut 23,000 jobs in July, missing economist expectations.
- The unemployment rate ticked down to 4.1% as more people left the labor force.
- CME FedWatch reduced the probability of a September rate hike to 40%.
- Bitcoin is trading below its 50-day and 200-day moving averages, indicating a death cross.
Bitcoin experienced a decline, trading around $64,384.27, as investors reacted to a stronger-than-expected U.S. jobs report. The economy shed 23,000 jobs in July, a significant miss compared to the 95,000 gain economists had predicted. This data has fueled fears that the Federal Reserve may maintain its restrictive monetary policy or even raise interest rates further. Consequently, CME FedWatch saw the odds of a September rate hike decrease to 40% from 55%. Despite a slight daily gain to $64,938, Bitcoin remains below its 50-day and 200-day moving averages, a technical formation known as a death cross, suggesting a bearish medium-term outlook. The RSI is at 54.6, indicating neutral momentum.