The world’s largest cryptocurrency was trading up 0.5% at $65,191.4 as of 9:41 a.m., according to investing.com.
Traders are awaiting U.S. inflation data to assess the Fed’s policy
Data released on Friday showed that U.S. employers unexpectedly cut 23,000 jobs in July, whereas an increase of about 80,000 had been expected.
Employment figures for May and June were also revised downward by a combined 103,000, confirming signs of a cooling labor market. Nevertheless, the unemployment rate fell slightly to 4.1%.
This data dampened expectations of an imminent tightening of Federal Reserve policy and supported demand for risk assets, including cryptocurrencies.
Bitcoin rose by about 3% over the week.
However, the cryptocurrency has been unable to hold above the $65,000 mark, which has acted as a technical resistance level in recent sessions.
The market’s attention is now shifting to the U.S. consumer price index report, which will be released on Wednesday and may provide new clues regarding the Fed’s future course.
Inflation data has taken on particular significance, as energy prices remain sensitive to developments in the Middle East.
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