Bitcoin Faces 'Death Cross' Pressure Despite Soft US Jobs Data
Key Facts
In a move reflecting US economic fragility, July payroll data showed weaker-than-expected growth, effectively reducing the odds of a Federal Reserve rate hike in September. According to reports, while softer labor data typically supports risk assets by fueling hopes for easier monetary policy, Bitcoin has struggled to capitalize on this macro tailwind.
Technically, Bitcoin remains trapped in a bearish 'death cross' pattern despite the shifting interest rate outlook. Per market data, this technical setup suggests persistent downward momentum that continues to overshadow the supportive macroeconomic environment, limiting immediate upside potential for retail investors.
Looking ahead, traders are monitoring the JOLTs Job Openings report scheduled for August 4, 2026, as a key catalyst for labor market sentiment.
Latest Updates · 2
- Notable·
Update: Coinglass data showed a decline in top traders' long positions, signaling a cooling of market leverage. This reduction in risk appetite among professional traders reinforces the bearish technical pressures currently facing Bitcoin.
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Update: Bitcoin has recently consolidated near the $65,000 level, as the market navigates a conflict between improving short-term liquidity and persistent long-term selling pressure. According to reports, continued seller dominance in long-term spot flows remains a headwind for a full bullish recovery despite the current price stability.