Jobs Report? Cute. Bitcoin Still Sleeping Through the Alarm 😴

Bitcoin failed to capitalize on a softer-than-expected U.S. jobs report, with prices rolling back below a closely watched technical level that traders view as a bearish signal. Employers cut 23,000 jobs in July, the first net loss since the pandemic-era recovery and a sharp miss against the 95,000 gain economists expected, Decrypt reported Friday. Markets interpreted the data as a reason for the Federal Reserve to keep rates steady, and Treasury yields fell, conditions that have historically supported risk-on assets. Instead, Bitcoin's latest daily candle tapped the 50-day moving average and closed back below it, according to Decrypt's chart analysis.

Bitcoin is trading at $64,261, down 0.92% on the day, pinned just under the $64,568 floor in a market that still carries a death cross, a formation in the charts that is a classic bearish indicator for traders. The Relative Strength Index reads 50, indicating neither buyers nor sellers have the upper hand. The Squeeze Momentum Indicator is "on" and has been loading for 22 days, with momentum ticking up, suggesting a large move may be coming though the indicator does not signal direction.

The 50-day average remains below the 200-day moving average, in the formation traders call a death cross. The Average Directional Index, or ADX, sits at 10.6, a low reading that points to a trendless market. Bitcoin was one of the steadier large caps on the week at +1.17% over seven days, behind only BNB and Solana among the top 10 crypto assets by market cap.