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Bitcoin Tops $65,000 Ahead of U.S. Inflation Data

Traders are mainly watching Wednesday's U.S. inflation data after a weaker jobs report cooled expectations for Fed rate hikes.

By Zenz van der Wielen
• 2 min read
Bitcoin Tops $65,000 Ahead of U.S. Inflation Data

Key Takeaways

  • Bitcoin climbed above $65,000 on Monday and is now up nearly 3% for the week.
  • Traders are focused on Wednesday's U.S. inflation report, which could either reinforce or interrupt the latest rally.
  • Stocks and the broader crypto market were higher, but XRP, Dogecoin, and some smaller tokens underperformed.

Bitcoin pushed above $65,000 (€56,400) on Monday as traders positioned for fresh U.S. inflation data later this week. The move leaves the asset up nearly 3% on the week, with sentiment also getting a lift from signs of a cooling labor market and growing expectations that the Federal Reserve is in no hurry to raise rates again right away.

Inflation Data Is the Next Test

July U.S. inflation figures are due Wednesday at 8:30 a.m. ET. For investors, the key question is whether the report confirms Bitcoin's recent rebound or puts the brakes on it. Friday's weaker jobs report eased concerns that the Fed might need to hike rates again soon, and that helped support both crypto and stocks.

Bitcoin is not rallying on its own. The broader crypto market was in the green on Monday, with Ether trading around $1,919 (€1,660) and BNB at $603 (€523). Solana led the major coins and briefly climbed to nearly $77 (€67), while Tron held near 33 cents. XRP was the clear laggard among the large-cap tokens, finishing lower on both the day and the week.

The Broader Market Still Has a Risk-On Tone

The upbeat mood was not limited to crypto. The MSCI All Country World Index inched higher for its seventh gain in eight sessions, and the S&P 500 set a new record after the weak jobs report. In Asia, chip stocks led the advance, adding to the sense that investors are leaning back into risk.

That backdrop matters for crypto traders because Bitcoin has been trading closely with stock market sentiment and rate expectations over the past few sessions. Even so, market data suggests the coin has not yet broken cleanly through the next resistance area, which makes Wednesday's inflation release especially important. That lines up with the setup in Bitcoin Holds Near $65,000 as Fed Test Looms, where analysts said the recent bounce still needed confirmation before it could be treated as a real breakout.

Altcoins Are Moving in Different Directions

The rally did not lift every token equally. Hyperliquid's HYPE slipped a bit, though it remains higher on the week, and Dogecoin dropped below 7 cents. The move suggests that the latest crypto strength is still concentrated in the biggest names, while smaller coins are reacting more unevenly to the broader market tone.

Bitcoin also came through a stretch of technical and security issues across the sector over the past ten days, including sweeps targeting Coldcard-based wallets, a critical bug in BTCPay Server, and a chain split tied to BIP-110. Those events are a reminder that market confidence depends not just on macro data, but also on the reliability of crypto's underlying infrastructure. The debate around that protocol issue was already visible in Bitcoin BIP-110 Gets Barely Any Support Ahead of August Deadline, where miner backing for the proposed soft fork was shown to be far below the level needed.

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