Bitcoin holds above $65k with U.S. inflation, Iran risks in focus
Investing.com-- Bitcoin held largely steady around $65,000 on Monday after climbing above the level following a surprisingly weak U.S. jobs report, while investors turned cautious ahead of U.S. inflation data and monitored uncertainty surrounding efforts to ease tensions in the Middle East.
The world's largest cryptocurrency last traded 0.5% higher at $65,191.4 by 02:41 ET (06:41 GMT).
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Traders await U.S. inflation data for Fed clues
Data on Friday showed that U.S. employers unexpectedly cut 23,000 jobs in July, compared with expectations for an increase of about 80,000.
Payrolls for May and June were also revised down by a combined 103,000, reinforcing signs of a cooling labour market. The unemployment rate nevertheless edged down to 4.1%.
The data reduced expectations for near-term Federal Reserve tightening and helped lift demand for risk-sensitive assets, including cryptocurrencies.
Bitcoin gained about 3% over the week.
But the cryptocurrency has struggled to sustain momentum above $65,000, a level that has acted as a technical barrier in recent sessions.
Attention now turns to Wednesday's U.S. consumer price report, which could provide fresh clues on the Fed's policy path.
The inflation data have taken on added importance because energy prices remain sensitive to developments in the Middle East.
Brent crude traded above $83 a barrel on Monday as geopolitical tensions remained. Reports showed that Iran is seeking U.S. concessions before agreeing to reopen the Strait of Hormuz.
The waterway remains critical to global energy shipments, keeping oil prices and inflation risks in focus.
Bitcoin's rebound has also come as global equities trade near record levels, helping sustain broader risk appetite.
A sustained break above $65,000 could bring the $66,000-$67,000 resistance zone into focus, while failure to hold the level would leave the cryptocurrency vulnerable to renewed profit-taking, analysts said.
Crypto price today: altcoins mixed in range-bound trade
Most altcoins traded in narrow ranges on Monday, extending a cautious mood.
World no.2 crypto Ethereum rose 0.4% to $1,925.92.
World no. 3 crypto XRP fell 0.5% to $1.0357.
Solana rose 0.7%, while Cardano traded largely flat.
Among meme tokens, Dogecoin ticked down 0.3%.
