Bitcoin Breaks $65K as Crucial U.S. CPI Report Puts $65,800 Breakout in Focus

Prior to US inflation data for July, bitcoin exceeded the $65,000 mark, continuing a recovering trend owing to weaker US employment data and stronger demand from institutional investors.

At around $64,955, it was up 0.66% in the last 24 hours and 4.36% in the last seven days, having reached a high of $65,245 within a session. The next key macro event is the release of the Bureau of Labor Statistics’ July consumer price index (CPI) data on Wednesday, Aug.

12, at 8:30 a.m. ET, coming on the heels of an unexpectedly weak U.S. employment report that reduced the outlook for renewed Federal Reserve tightening.  The economy lost 23,000 nonfarm payroll jobs in July, while the jobless rate was stuck near 4.1%.

May and June’s payroll numbers were revised down by a combined 103,000 jobs. Bitcoin initially rose by nearly 2% after the employment report on views that a softer hiring report would ease pressure on the Fed, but failed to hold above $65,000 in support.