Bitcoin slipped below $65,000 after stronger-than-expected US jobless claims data reinforced concerns that the Federal Reserve could keep interest rates elevated. The token faced another failed attempt at resistance and slid back toward support at $64,000.
Bitcoin traded at $64,384.27, down 0.69% over the previous 24 hours, after another failed attempt to close above $65,000. Bitcoin fell on Thursday after stronger-than-expected US jobless claims data reinforced concerns that the Federal Reserve could keep interest rates elevated.
Bitcoin rejected near $65,000 again
BTC had recovered from near $62,400 earlier in the week and briefly tested the top of its recent range. Yet sellers regained control near that psychological level after buyers failed to secure a daily close above $65,000.
The rejection pushed Bitcoin toward $64,000, its nearest short-term support. Holding that level would keep the recovery structure intact, while a sustained break below it could expose the lower part of the range.
US jobless claims beat forecasts
Initial US unemployment claims reached 199,000 for the week ending Aug. 1, according to the Department of Labor, below economists' forecast of 204,000. Claims increased by 1,000 from the previous week's revised reading of 198,000, yet the total still pointed to a resilient labor market.
The four-week moving average fell to 198,750, down 4,500 from the revised average of 203,250. Continuing claims rose by 24,000 to 1.801 million for the week ending July 25, while the insured unemployment rate held steady at 1.2%.
Fed rate path weighs on Bitcoin
A resilient labor market could give the Fed more room to keep policy restrictive or consider further rate hikes if inflation stays elevated. Higher rate expectations can lift Treasury yields and strengthen the dollar, and both moves can reduce demand for non-yielding, risk assets such as Bitcoin.
However, weekly claims are only one input into the Fed's outlook; officials will also weigh inflation, payroll growth, wages and consumer spending before their next move. Bitcoin's slide therefore reflects shifting rate expectations rather than a confirmed policy shift, and upcoming data could quickly change the market's read.
Bitcoin must close above the $64,800–$65,000 zone to confirm renewed momentum and extend the recovery that began near $62,400. Until then, a softer set of figures could revive rate-cut expectations, while continued labor-market strength could keep the recovery capped below $65,000.
Source: crypto.news
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