Bitcoin Price Slips Below $65K as US Jobless Claims Beat Forecasts
Bitcoin price slipped below $65K after stronger-than-expected US jobless claims, reinforcing expectations that the Federal Reserve may keep rates elevated.
At press time, Bitcoin price traded around $64,384, down about 0.69% (24h). BTC failed again to close above the $64,800–$65,000 resistance zone and was pushed toward $64,000 support.
Key data: initial jobless claims came in at 199,000 for the week ending Aug. 1, below the 204,000 economist forecast. The four-week moving average eased to 198,750. Continuing claims rose to 1.801 million, suggesting some job seekers are taking longer to find work.
Fed outlook: resilient labor market signals reduce near-term chances of faster monetary easing. Higher expected rates can lift Treasury yields and strengthen the dollar, typically weighing on risk assets like Bitcoin. Traders will watch upcoming US inflation and employment releases for the next shift in rate expectations.
Levels to monitor: a daily reclaim and close above $64,800–$65,000 would confirm renewed upward momentum and potentially extend the recovery from ~$62,400. A breakdown below $64,000 could expose lower parts of the recent range. Bitcoin price remains highly sensitive to US economic releases, with market direction driven by changing rate expectations rather than confirmed policy action.
Bearish
The headline driver is macro: stronger US jobless claims (199K vs 204K forecast) points to labor-market resilience. Historically, when US data supports “higher-for-longer” rates, Bitcoin price often struggles because yields and the dollar tend to rise, reducing demand for non-yielding assets. This mirrors prior periods where upside economic surprises capped BTC rallies near major psychological levels.
Short term, the article highlights Bitcoin price rejection around $64,800–$65,000 and immediate support near $64,000. If traders keep pricing the Fed path as restrictive, BTC is more likely to remain range-bound or fade lower toward the lower end of the recent range.
Longer term, the outcome depends on whether subsequent inflation and employment releases confirm or reverse the current rate-expectation shift. A softening in inflation/jobs could revive rate-cut expectations and improve the odds of reclaiming $65K. But until then, the balance of probabilities favors sellers maintaining control near resistance, keeping market stability fragile.