Bitcoin Still in Death Cross as Jobs Miss Cuts Rate-Hike Odds
U.S. payrolls unexpectedly fell by 23,000 in July, the first net job loss since the pandemic recovery, while prior months were revised lower. The weak report lowered Treasury yields, weakened the dollar, and boosted expectations that the Federal Reserve will stay on hold, which is generally supportive for risk assets and crypto. Bitcoin rose to about $64,938, but the chart remains technically fragile. It peaked near $80,000 in mid-May, dropped to about $58,000 in July, and is now moving sideways below both the 50-day and 200-day exponential moving averages in a death-cross setup. RSI at 54.6 signals neutral momentum. A bullish breakout would require a daily close above the 50-day EMA and $66,000, with upside targets near the 200-day EMA and roughly $72,000. A break below $60,000 would favor bears and put the $58,000 low back in play. Current positioning remains cautious, with market sentiment leaning bearish.
