Bitcoin rises after bad US jobs report

An outright weak US jobs report is bad news for the economy, but not necessarily for stocks and crypto. Because the jobs figure reduces the likelihood of an interest rate hike, stock markets—as well as Bitcoin—responded quite positively.

The US jobs figure is eagerly awaited every month. The world’s largest economy remains a bellwether for the Western world. This time, the figures were dismal. Around 23,000 jobs were lost in July, while downward revisions for the preceding two months totaled more than 100,000.

However, due to these poor job figures, the Federal Reserve officials will likely be inclined to hold off on raising interest rates (in 2027). Consequently, stock markets and Bitcoin received a boost on Friday.

By now, the largest digital currency is already trading at $65,000 again.

Short term

In the short term, this economic news suggests there is still room for further gains, but in my view, there is no sign of a convincing trend reversal yet.

As long as Bitcoin continues to trade within its current range (as it has for several weeks), caution remains advisable, and the market is primarily awaiting a technical breakout that could provide a clearer sense of the price trajectory.

What we truly need is a signal that a bottom is in place. After that, we can rebuild; like most analysts, I expect this bottom to form in September or October of this year.