Bitcoin (BTC) News Today: US Labor Data and Spot ETF Inflows Boost BTC

BTC Eyes $65,000 on US Labor Market Stats

On Thursday, August 8, BTC rallied 12.00%, reversing a 1.83% loss from Wednesday, August 7. BTC closed at $61,763, joining the broader crypto market in positive territory. The total market cap jumped by 11.05% to $2.116 trillion.

US Jobless Claims Ease Recession Fears

On Thursday, US jobless claims data calmed investor fears of an economic recession. Initial jobless claims fell from 250k in the week ending July 27 to 233k in the week ending August 3.

A tight labor market could support wage growth and increase disposable income. Rising disposable income could fuel consumer spending that contributes over 60% to the US economy.

The upbeat US labor market data positively impacted the US equity markets. On Thursday, the Nasdaq Composite Index jumped 2.87%, with the S&P 500 and the Dow advancing by 2.30% and 1.76%, respectively. The BTC-spot ETF market also reacted positively to the numbers.

US BTC-Spot ETF Market Eyes Two-Day Inflow Streak

On Thursday, the US BTC-spot ETF market saw total net inflows for the second consecutive session.

According to Farside Investors:

• On Thursday, Grayscale Bitcoin Trust (GBTC) saw net outflows of $182.9 million.
• iShares Bitcoin Trust (IBIT) had net inflows of $157.6 million.
• WisdomTree Bitcoin Fund (BTCW) reported net inflows of $118.5 million
• Fidelity Wise Origin Bitcoin Fund (FBTC) had net inflows of $65.2 million, the first since July 26.
• Grayscale Mini Bitcoin Trust (BTC) saw net inflows of $37.0 million.
• ARK 21Shares Bitcoin ETF (ARKB) saw net inflows of $32.8 million.

Excluding Invesco Galaxy Bitcoin ETF (BTCO) flow data, the US BTC-spot ETF market saw total net inflows of $194.6 million, up from $45.1 million on Wednesday, August 7.

Expert Views on Crypto ETFs

Bloomberg Intelligence Senior ETF Analyst Eric Balchunas commented on progress toward Bitcoin ETF options, saying,

“Just as “comments from the SEC” was a good sign in our ETF approval odds we think this is good sign here too. Bc if they were just gonna deny outright why bother engaging at all?”

Balchunas was responding to an update from Bloomberg Intelligence ETF Analyst James Seyffart.

The evolution of the BTC ETF market is BTC price-positive.

US Economic Calendar

On Friday, August 9, investors should monitor FOMC member speeches. Views on the US economy and the Fed rate path may influence BTC-spot ETF demand and BTC price trends.

Positive sentiment toward the US labor market support for a September 2024 Fed rate cut could boost BTC demand.

Technical Analysis

Bitcoin Analysis

BTC sat above the 200-day EMA while remaining below the 50-day EMA, sending bearish near-term but bullish longer-term price signals.

A BTC breakout from the 50-day EMA could signal a move toward the $64,000 resistance level. Furthermore, a break above the $64,000 resistance level could give the bulls a run at the $69,000 resistance level.

Market risk sentiment, FOMC member chatter, and BTC-spot ETF flow trends require consideration.

On the other hand, a break below the $60,365 support level could signal a fall to the 200-day EMA.

With a 48.61 14-Daily RSI reading, BTC may fall to the $55,000 handle before entering oversold territory.

Ethereum Analysis

ETH remained well below the 50-day and 200-day EMAs, affirming the bearish price signals.

An ETH return to $2,800 could bring the $3,033 resistance level into play. A break above the $3,033 resistance level could signal a move toward the 200-day and 50-day EMAs.

US ETH-spot ETF market flow trends also require consideration.

Conversely, an ETH break below the $2,664 support level could signal a drop to the $2,403 support level.

The 14-period Daily RSI reading, 37.77, suggests an ETH drop to the $2,500 handle before entering oversold territory.