Bitcoin price slips below $65K after US jobs data

Bitcoin fell below $65,000 on Thursday after stronger-than-expected U.S. jobless claims data reinforced concerns that the Federal Reserve could keep interest rates elevated.

Bitcoin price rejected near $65,000

According to data from crypto.news, Bitcoin (BTC) price traded at $64,384.27 at press time, marking a 0.69% decline over the previous 24 hours. The pullback followed another unsuccessful attempt to break through the $64,800–$65,000 resistance zone.

BTC had recovered from approximately $62,400 earlier in the week and briefly tested the upper end of its recent range. However, buyers failed to secure a daily close above $65,000, allowing sellers to regain control near the psychological level.

The rejection pushed Bitcoin toward $64,000, which has emerged as its nearest short-term support. Holding that level would keep the latest recovery structure intact, while a sustained break below it could expose the lower part of the range.

Bitcoin has remained sensitive to U.S. economic releases because stronger data can reduce expectations for monetary easing. Higher interest rates generally make yield-bearing assets more attractive relative to risk assets such as cryptocurrencies.

US jobless claims beat expectations

The latest labor data showed that seasonally adjusted initial unemployment claims reached 199,000 during the week ending Aug. 1, according to the U.S. Department of Labor.

Claims increased by 1,000 from the previous week’s revised reading of 198,000 but remained below the 204,000 expected by economists. The lower-than-forecast figure pointed to continued resilience in the U.S. labor market.

The four-week moving average fell to 198,750, down 4,500 from the revised average of 203,250 recorded a week earlier. This measure helps smooth weekly volatility and provides a clearer view of the underlying trend.

Continuing claims rose by 24,000 to 1.801 million for the week ending July 25. Meanwhile, the insured unemployment rate remained unchanged at 1.2%.

Taken together, the figures showed that layoffs remained limited, although the increase in continuing claims suggested that some unemployed workers were taking longer to find new positions.

Fed expectations weigh on Bitcoin

A resilient labor market could give the Federal Reserve more room to maintain restrictive monetary policy or consider further rate increases if inflation remains elevated.

That possibility matters for U.S. crypto investors because expectations for higher rates can lift Treasury yields and strengthen the dollar. Both developments can reduce demand for non-yielding and higher-risk assets, including Bitcoin.

However, weekly unemployment claims represent only one part of the Fed’s policy outlook. Officials will also consider inflation, payroll growth, wages and consumer spending before making their next decision.

Bitcoin’s decline following the claims release therefore reflects shifting rate expectations rather than a confirmed change in Federal Reserve policy. Upcoming economic data could quickly alter the market’s interpretation.

Bitcoin must reclaim $65,000

Bitcoin now needs to close above the $64,800–$65,000 area to confirm renewed upward momentum. A successful breakout could allow buyers to extend the recovery that began near $62,400.

Until then, the repeated rejection leaves BTC trading within a defined range. The $64,000 level provides immediate support, followed by the recent swing low near $62,400 if selling pressure increases.

Traders will watch upcoming U.S. inflation and employment releases for further clues about the Fed’s path. A softer set of economic figures could revive expectations for lower rates, while continued labor market strength may keep Bitcoin’s recovery capped below $65,000.