Bitcoin remained largely stable at $65,000 on Monday, having broken above that level following a surprisingly weaker-than-expected US jobs report, as investors remained cautious awaiting US inflation data, while also monitoring the uncertainty surrounding efforts to ease tensions in the Middle East.
The world's largest cryptocurrency rose 0.5% to $65,191.40.
Traders are awaiting US inflation data for clues about the Fed's direction.
Data released on Friday revealed that U.S. employers unexpectedly cut 23,000 jobs in July, compared to expectations of an increase of around 80,000 jobs.
Payroll data for May and June were also revised downwards by a total of 103,000 jobs, reinforcing signs of a slowing labor market. However, the unemployment rate fell slightly to 4.10%.
This data has contributed to a decline in expectations regarding the Federal Reserve tightening its monetary policy in the near term, which has supported demand for high-risk assets, including cryptocurrencies.
Bitcoin gained approximately 3% over the week.
However, the cryptocurrency has struggled to maintain its momentum above the $65,000 level, which has acted as a technical barrier during recent sessions.
Attention now turns to the US consumer price report due on Wednesday, which may provide new indications about the Federal Reserve's monetary policy path.
Inflation data has gained added importance as energy prices remain sensitive to developments in the Middle East.
Brent crude traded above $83.00 a barrel on Monday, amid ongoing geopolitical tensions. Reports indicated that Iran is seeking concessions from the United States before agreeing to reopen the Strait of Hormuz.
This waterway remains crucial for global energy shipments, keeping oil prices and inflation risks in focus.
Bitcoin's rebound also came at a time when global stocks were trading near record highs, supporting a broader appetite for risk.
Analysts noted that a sustained break above the $65,000 level could put the resistance zone between $66,000 and $67,000 in focus, while failure to maintain this level could leave the cryptocurrency vulnerable to a new wave of profit-taking.
Cryptocurrency prices today: Mixed performance for altcoins in limited trading range
Most alternative cryptocurrencies traded in narrow ranges on Monday, in an extension of the prevailing cautious mood.
Ethereum, the world's second-largest cryptocurrency, rose 0.4% to $1,925.92.
XRP, the world's third-largest cryptocurrency, fell 0.5% to $1.04.
Solana rose 0.7%, while Cardano traded largely unchanged.
Regarding meme coins, Dogecoin fell by 0.3%.
