Bitcoin Holds Firm; Is $67,000 the Target?
Bitcoin remained steady around US$65,198 during European trading on Monday (August 10). BTC traded within the US$64,756–US$65,348 range today, indicating the price is attempting to hold the US$65,000 level following a boost from weak US labor market data last week.
Key fundamentals continue to stem from the July Non-Farm Payrolls (NFP) report—which showed a decline of 23,000 jobs—and downward revisions to data from the previous two months. These conditions led the market to lower the probability of a Federal Reserve interest rate hike in September to approximately 44%, down from 67% the week prior. The US dollar and Treasury yields also remain under pressure.
Bitcoin's focus now shifts to the US Consumer Price Index (CPI) data due on Wednesday, August 12. The market anticipates July inflation to be around 3.4% year-on-year. If inflation comes in lower than expected, the likelihood of a rate hike could decrease further, providing additional support for Bitcoin and risk assets. Conversely, a "hot" CPI reading could potentially reignite pressure from the Fed.
Geopolitical risks in the Middle East also persist. Iran has stated that a shipping route agreement with Oman is nearing the final stage, though the full opening of the Strait of Hormuz still hinges on concessions from the United States. Brent crude remains around US$83–US$84 per barrel, keeping the risk of energy-driven inflation a concern for the market.
Altcoin movements are currently mixed. Ethereum is trading around US$1,625, XRP at US$1.059, Solana at US$77.97, Cardano at US$0.197, and Dogecoin around US$0.070. These conditions indicate that the rally has not yet broadly extended across the entire crypto market, and Bitcoin remains the primary focus for investors.
Newsmaker Analysis: Bitcoin retains positive momentum as long as it can hold above the US$65,000 level. A breakout above today's high of around US$65,350 could pave the way for a move toward the US$66,000–US$67,000 range. However, a failure to hold the US$65,000 level could see BTC retest US$64,750. US CPI data now stands as the next major catalyst that could determine whether Bitcoin stages a genuine breakout or slips back into a consolidation phase. (arl)
Source: Newsmaker.id
