Bitcoin Steadies Around $65,000 as Weak US Jobs Data Revives Fed Rate Cut Expectations

Bitcoin traded near Rs. 61.9 lakh on Monday as the cryptocurrency market began the week on a steady note after weaker-than-expected US jobs data revived expectations of Federal Reserve rate cuts. Ethereum (ETH) was trading near Rs. 1.8 lakh, reflecting modest movement across the broader crypto market. According to market participants, Bitcoin has steadied near $65,000 (roughly Rs. 61.9 lakh) as investors assess the impact of softer labour market data and await the next major macroeconomic event. As per CoinMarketCap data, Bitcoin traded near $65,100 (roughly Rs. 62 lakh), and Ethereum (ETH) traded near $1,900 (roughly Rs. 1.8 lakh).

The world's largest cryptocurrency gained 0.5 percent over the last 24 hours, according to Gadgets 360's price tracker. Analysts said the weaker US jobs report, which showed the economy losing 23,000 jobs in July against expectations of an 80,000 increase, has brought rate cut expectations back into focus. 

Major altcoins traded with mixed momentum on Monday.

Binance Coin (BNB) was priced around $602.37 (roughly Rs. 57,364), while Solana (SOL) traded near $76.69 (roughly Rs. 7,303). XRP hovered around $1.03 (roughly Rs. 98), and Dogecoin (DOGE) was trading close to $0.070 (roughly Rs. 6.7), indicating selective participation across large-cap cryptocurrencies.

Softer Labour Data Brings Monetary Policy Back Into Focus

Sharing his assessment of current market conditions, the CoinSwitch Markets Desk said, “Bitcoin spent the weekend moving in a narrow $64,800–$65,100 (roughly Rs. 61.7 lakh-Rs. 62 lakh) range on relatively thin volumes, suggesting that traders are still cautious around the $65,000 (roughly Rs. 61.9 lakh) mark [...] Beyond price action, markets will be watching the Fed's easing signals, oil price movements around the Strait of Hormuz negotiations and developments on US crypto legislation, including the Clarity Act.”

Providing a broader market outlook, Akshat Siddhant, Lead Quant Analyst, Mudrex, said, “Bitcoin is trading just below the $65,000 (roughly Rs. 62 lakh) mark to start the week, having held its ground through a week that saw a hardware wallet exploit and a live minority-chain split. US spot BTC and ETH ETFs together brought in about $1.1 billion (roughly Rs. 10,475 crore) over the last week.”

Providing a broader market outlook, Vikram Subburaj, CEO, Giottus.com, said, “Investors are holding back ahead of US CPI and PPI data on August 12 and 13, which could alter expectations for the Federal Reserve's September decision [...] Investors should avoid chasing small moves inside the present range. Long-term buyers can spread purchases across several price levels instead of committing their capital at once. Short-term traders should keep leverage low and reduce position sizes before the US inflation release.”

Overall, analysts said that thin trading volumes, cautious spot demand and upcoming US CPI and PPI data are expected to determine whether Bitcoin can sustain a move above $65,000 (roughly Rs. 61.9 lakh) and target $66,300 (roughly Rs. 63.1 lakh), or fall back towards the $63,000 (roughly Rs. 60 lakh) support zone.