July payrolls fell 23,000, missing forecasts and trimming September rate-hike odds to 40%, lifting risk assets but leaving BTC stuck.
Bitcoin rose 1.06% to $64,938 but remains below its 50-day and 200-day moving averages, signaling persistent bearish momentum. The cryptocurrency peaked near $80,000 in May before sliding to a July low of $58,000, reflecting a sustained downtrend.
U.S. employers shed 23,000 jobs in July, the first net loss since the pandemic recovery, sharply below the 95,000 gain economists expected. The unemployment rate dipped to 4.1% as labor force participation declined, while prior months’ payrolls were revised downward. The weak data pushed CME FedWatch odds for a September rate hike down to 40% from 55%.
Treasury yields fell and the dollar weakened 0.5% on the report, typically a tailwind for risk assets. However, Bitcoin’s technical outlook remains constrained, with price action failing to reclaim its moving averages despite the dovish shift in Fed expectations.