Bitcoin Gains Strength Above $65,000: New Target for Ethereum with Massive ETF Inflows
Following the weak employment data released in the US, Bitcoin (BTC) has surpassed the $65,000 mark, as markets begin to sideline the possibility of a Fed interest rate hike.
The cryptocurrency market experienced a volatile Friday driven by surprise economic data from the US. The leading cryptocurrency, Bitcoin (BTC), surged to the $65,200 level as July employment data fell significantly short of expectations. Ethereum (ETH) joined this rally, making a strong move toward the $2,000 resistance level.
US non-farm payrolls surprised markets by decreasing by 23,000 in July, against an expectation of an 80,000 increase. Additionally, June’s data was revised downward to 20,000. Although the unemployment rate fell to 4.1%, experts point out that this was due to a decline in labor force participation rather than actual hiring. Capital.com analyst Kyle Rodda described the situation as a “massive surprise,” stating that a potential interest rate hike in September is now off the table.
Fed’s Monetary Policy Questioned
Fed Chair Kevin Warsh’s stance, which has been focused entirely on inflation so far, is facing a serious test with this weak employment data. 21Shares analyst Stephen Coltman argues that this deterioration on the employment side weakens the position of hawkish members within the Fed. However, Theo executive Iggy Ioppe warns that geopolitical risks and uncertainty in energy prices will continue to keep the inflation picture complex.
As policymakers’ next steps are eagerly awaited, the increase in risk appetite is supporting demand for crypto assets. Experts emphasize that the messages coming from the Jackson Hole meeting will determine the market’s medium-term direction.
New Targets for Bitcoin and Ethereum
Amid the positive sentiment in the market, the Bitcoin (BTC) price is preparing to test the $66,000 level. On the other hand, Ethereum (ETH), with ETF inflows exceeding $350 million and an 18.5% return, is heading toward the $2,000 resistance, marking its best monthly performance since August 2025.
Analysts predict that if macroeconomic data remains neutral, the $100,000 target by the end of the year is achievable. However, geopolitical tensions and potential increases in energy costs are seen as the biggest obstacles to this bullish scenario.