Bitcoin climbed to its highest point in August on Friday, as weaker-than-expected US jobs data reshaped expectations around Federal Reserve policy and spot Bitcoin ETF inflows extended their streak to five consecutive days. The move highlighted how tightly crypto markets now track US macroeconomic indicators, with Bitcoin increasingly trading in step with equities and other risk assets that hinge on the direction of monetary policy.

Jobs Report Misses Sharply

According to data from TradingView, BTC/USD reached $65,340 on Bitstamp on August 7, marking a 1.3% gain on the day. For the week, Bitcoin was on track for a gain of more than 3%.

The move followed a report from the US Bureau of Labor Statistics showing that nonfarm payrolls fell by 23,000 in July — well below the consensus estimate of an 85,000-job increase and the first monthly job loss since February.

BREAKING: The US economy unexpectedly loses -23,000 jobs in July, well below expectations of +85,000.

The unemployment rate fell to 4.1%, below expectations of 4.2%.

June's jobs number was also revised down by -37,000 jobs.

This marks the 3rd biggest monthly job loss since the…

— The Kobeissi Letter (@KobeissiLetter) August 7, 2026

The unemployment rate ticked down slightly to 4.1% from 4.2% in June. Jobs figures for May and June were also revised lower by a combined 103,000, reinforcing the view that the labor market is cooling more than previously anticipated. For crypto markets, a softening labor market tends to reduce the pressure on the Fed to maintain a restrictive stance, which has historically been read as supportive for risk assets.

Fed Rate Hike Odds Shift

Markets reacted swiftly to the data. According to the CME FedWatch Tool, odds of a 0.25% rate hike at the September Federal Reserve meeting fell from 55% the day before to approximately 42% after the release. By later in the session, the majority expectation had shifted toward the Fed holding rates steady in September.

Michael Feroli, chief US economist at JPMorgan, said the report should "marginally lower the chances of a hike at the next meeting." He noted that the next two months of inflation data would carry greater weight in the Fed's decision-making.

Equity markets responded positively, with the S&P 500 opening 0.5% higher and the Nasdaq gaining just over 1%.

Technical Outlook

Analyst Daan Crypto Trades noted on X that Bitcoin's Bull Market Support Band and the Weekly 200 EMA had converged at the $69,000 area.

$BTC Now has its Bull Market Support band and Weekly 200EMA line up perfectly at the $69K area.

If price were to test that, it will be a big test and any closes into the 70Ks and the market is so back.

Below, bitcoin has been hanging onto its Weekly 200MA with marginally higher…

— Daan Crypto Trades (@DaanCrypto) August 7, 2026

He indicated that a close into the 70Ks from that level would serve as a strong signal, and that current consolidation would eventually produce a "large break from compression."

Bitcoin ETF Inflows Continue

US spot Bitcoin ETFs recorded $98.85 million in net inflows on August 7, according to SoSoValue data cited by Wu Blockchain on X. This marked a fifth consecutive trading day of net inflows into US spot Bitcoin products. US spot Ether ETFs also attracted $49.60 million in inflows, their fourth straight day of positive flows. The extended streak pointed to sustained institutional engagement with the spot crypto ETF vehicles that launched in the US in 2024.

U.S. Spot Bitcoin ETFs Record $98.85M in Net Inflows, Extend Streak to Five Days

According to SoSoValue data, U.S. spot Bitcoin ETFs recorded $98.85 million in net inflows on August 7 (ET), marking a fifth consecutive trading day of net inflows. U.S. spot Ether ETFs also saw…

— Wu Blockchain (@WuBlockchain) August 8, 2026

Resilient Price Action

Trading firm QCP Capital described the week's crypto price action as displaying "resilience rather than clear directional confirmation." The firm noted that both the Coldcard wallet exploit and BTC sales by companies including Strategy had triggered only limited panic in options markets.

For the week, Bitcoin traded largely within a $62,000 to $65,000 range, with the $65,340 high representing the top end of that band. With the next Federal Reserve decision still weeks away, traders are likely to look to upcoming Consumer Price Index releases as the next major data points that could shift rate expectations and, by extension, sentiment across crypto markets.