Key Highlights
- BTC surged to $65,340 on August 7, marking the highest level this month with a 1.3% daily increase
- July saw US nonfarm payrolls decline by 23,000 positions, the first negative reading since February
- Market expectations for a September Fed rate increase fell from 55% to 42% following employment data
- Spot Bitcoin ETFs in the US attracted $98.85M in net capital, extending their inflow streak to five sessions
- Trading firm QCP Capital characterized the week’s cryptocurrency market behavior as demonstrating “resilience”
Bitcoin advanced to its strongest position this month on Friday following disappointing employment statistics that altered market sentiment regarding Federal Reserve monetary policy direction.
Market data from TradingView indicated BTC/USD touched $65,340 on the Bitstamp exchange, representing a 1.3% daily advance. For the week overall, Bitcoin was positioned to secure gains exceeding 3%.
The upward movement followed the US Bureau of Labor Statistics’ disclosure that nonfarm payrolls contracted by 23,000 positions in July. This figure significantly underperformed consensus projections calling for an increase of 85,000 jobs. The reading represented the first monthly employment decline since February.
BREAKING: The US economy unexpectedly loses -23,000 jobs in July, well below expectations of +85,000.
The unemployment rate fell to 4.1%, below expectations of 4.2%.
June’s jobs number was also revised down by -37,000 jobs.
This marks the 3rd biggest monthly job loss since the…
— The Kobeissi Letter (@KobeissiLetter) August 7, 2026
The jobless rate edged marginally lower to 4.1% from the previous month’s 4.2% reading.
Beyond the primary shortfall, employment statistics for May and June underwent downward revisions totaling 103,000 positions combined. This reinforced perceptions that labor market conditions are softening more substantially than earlier assessments suggested.
Market Expectations for Fed Rate Adjustments Recalibrated
Financial markets reacted swiftly following the data release. The CME FedWatch Tool indicated probability estimates for a 0.25% rate increase at the September Federal Reserve gathering declined from 55% on the preceding day to approximately 42% post-announcement.
As trading progressed, majority expectations transitioned toward the Fed maintaining current rates through September.
JPMorgan’s chief US economist Michael Feroli indicated the employment report should “marginally lower the chances of a hike at the next meeting.” He emphasized that upcoming inflation readings over the next two months would carry greater weight in the Fed’s deliberations.
The S&P 500 initiated trading 0.5% higher following the announcement. The Nasdaq registered gains slightly above 1%.
Market analyst Daan Crypto Trades shared on X that Bitcoin’s Bull Market Support Band has converged with the Weekly 200 EMA around the $69,000 threshold. He indicated a close advancing into the 70Ks from this level would deliver a robust market signal, observing that present consolidation patterns would ultimately result in a “large break from compression.”
$BTC Now has its Bull Market Support band and Weekly 200EMA line up perfectly at the $69K area.
If price were to test that, it will be a big test and any closes into the 70Ks and the market is so back.
Below, bitcoin has been hanging onto its Weekly 200MA with marginally higher… pic.twitter.com/gQzZJ0XLWU
— Daan Crypto Trades (@DaanCrypto) August 7, 2026
Sustained Capital Flow Into Bitcoin ETFs
US-listed spot Bitcoin ETFs captured $98.85 million in net capital on August 7, per SoSoValue information referenced by Wu Blockchain on X. This extended the positive flow streak into US spot Bitcoin products to five consecutive sessions. US spot Ether ETFs similarly attracted $49.60 million in inflows, achieving their fourth straight day of positive capital movement.
U.S. Spot Bitcoin ETFs Record $98.85M in Net Inflows, Extend Streak to Five Days
According to SoSoValue data, U.S. spot Bitcoin ETFs recorded $98.85 million in net inflows on August 7 (ET), marking a fifth consecutive trading day of net inflows. U.S. spot Ether ETFs also saw… pic.twitter.com/QCYOZWFTdm
— Wu Blockchain (@WuBlockchain) August 8, 2026
QCP Capital, a prominent trading firm, assessed the week’s cryptocurrency market dynamics as indicating “resilience rather than clear directional confirmation.” The firm observed that developments including the Coldcard wallet security incident and BTC liquidations by entities such as Strategy generated only contained concern within options trading venues.
Bitcoin largely maintained position within a $62,000 to $65,000 corridor throughout the week, with the $65,340 peak defining the upper boundary of this range.
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