Bitcoin pushed above $65,000 during early trading on Aug. 10 before slipping back below the level, extending its recovery as investors reassessed the U.S. interest rate outlook.
$BTC was trading near $64,955 at the time of writing, up 0.3% over 24 hours and 3.4% over seven days. Its intraday high reached $65,363.
The move leaves traders with a clear macro event ahead. The Bureau of Labor Statistics will release July consumer inflation data at 8:30 a.m. ET on Wednesday, Aug. 12. The report follows Friday’s unexpectedly weak employment numbers, which reduced expectations that the Federal Reserve would need to raise rates again soon.
Bitcoin gets relief from weaker U.S. jobs data
The U.S. economy lost 23,000 nonfarm payroll jobs in July, while unemployment held near 4.1%, according to official BLS data. May payroll growth was revised down by 66,000 and June by 37,000, removing 103,000 jobs from the two previous estimates combined. Average hourly earnings rose 3.2% from a year earlier.
Bitcoin moved above $65,000 after the report as rate expectations shifted. As crypto.news reported in Friday’s payroll reaction, $BTC initially gained almost 2% as investors interpreted weaker hiring as reducing pressure on the Fed to tighten policy. The move has since held, although $65,000 has not yet become firm support.
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, according to its statement. The central bank also said inflation remained above its 2% goal, partly because of energy related supply pressures.
Bitcoin ETF demand strengthened throughout last week
Institutional demand also improved as Bitcoin approached resistance. SoSoValue reported $854 million in net inflows into U.S. spot Bitcoin ETFs from Aug. 3 through Aug. 7, with BlackRock’s IBIT accounting for about $694 million. The figure marked a reversal from the weaker fund flows seen around the end of July.
There is a small difference between ETF datasets. Farside’s current flows show daily totals of $170.1 million, $211.5 million, $244.4 million, $137.6 million and $101.7 million over the same five sessions, which sum to about $865.3 million. For that reason, the $854 million weekly total is best attributed specifically to SoSoValue rather than treated as a universal figure.
The demand followed several sessions in which ETF buying failed to produce an immediate breakout. In earlier ETF flow coverage, Bitcoin remained near $64,200 on Aug. 7 even after funds recorded four consecutive positive sessions. Friday’s additional inflows extended that streak while $BTC continued challenging the same resistance area.
$65,800 remains a closely watched Bitcoin barrier
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 Relative Strength Index stood at 55.07, above its moving average of 50.44 and the neutral 50 level. The reading points to moderate bullish momentum, with buyers holding a slight advantage. However, RSI remains well below overbought territory, suggesting momentum has strengthened without becoming stretched.
The Awesome Oscillator was positive at about 664.19, supporting the improving momentum picture. Its histogram bars remained relatively small compared with those recorded during stronger directional moves, so the indicator points to improving momentum rather than confirming a major breakout.
Analyst Michaël van de Poppe has placed the next level slightly higher. In an Aug. 9 post, he called $65,800 the “critical level” and said $BTC was “ready for a breakout to at least $73,700.”
He also cited bullish divergence in longer duration RSI and MACD readings. Those figures are his technical targets, not confirmed price objectives, and Bitcoin still needs to clear the resistance he identified.
$BTC is ready for a breakout to atleast $73,700.
To me, there’s one critical level to break.
That’s the weekly level at $65,800.
When I’m looking at the charts, I don’t think we’ll test lower as the arguments are simply not there.
➡️ The MACD of multiple #Altcoins look… pic.twitter.com/uZ9FlMjz4B
— Michaël van de Poppe (@CryptoMichNL) August 9, 2026
What happens next as U.S. inflation takes focus
Wednesday’s CPI report is now the nearest scheduled U.S. catalyst. June consumer prices fell 0.4% from May while rising 3.5% from a year earlier. Core CPI was unchanged during June and rose 2.6% annually. Economists surveyed by Reuters expect July headline inflation to ease to 3.4% annually and core inflation to slow to 2.5%.
The market is also dealing with renewed energy pressure. Brent crude rose 1% to $84.40 on Monday as uncertainty around shipping through the Strait of Hormuz continued. Meanwhile, the U.S. 10 year Treasury yield traded near 4.66%. Futures markets put the probability of a September Fed rate increase near 44%, down from 67% one week earlier.
A hotter CPI reading could rebuild expectations for another increase and put renewed pressure on risk assets. A softer reading could reinforce the interpretation traders drew from Friday’s weak employment report, but it would not guarantee a Bitcoin breakout. The Fed’s next scheduled policy meeting runs Sept. 15 to Sept. 16, leaving policymakers with several more economic releases before deciding whether rates should change.
For Bitcoin, the immediate test therefore remains narrow: holding the recovery around $65,000 while attempting to clear the $65,800 area. Wednesday’s inflation numbers will provide the next evidence on whether the U.S. macro environment supports that move or sends traders back toward the lower end of Bitcoin’s recent range.
