Live updates: Bitcoin flatlines near $64,000 ahead of Friday's jobs report
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- Bitcoin hovered near $64,830 Thursday, up 0.8% over 24 hours and 1.3% on the week, trading inside a narrow band per CoinDesk data
- Ether rose 2.1% over 24 hours while most other major tokens barely moved, leaving the market in wait-and-see mode ahead of Friday's jobs report
- Trump pointed to strong employment, better manufacturing data and cooling inflation — and raised the prospect of a deal to reopen the Strait of Hormuz — as the macro backdrop supporting risk assets
- A Strait of Hormuz reopening would pressure oil lower, ease inflation worries and give Treasury yields and the dollar room to fall, the macro setup risk assets want
- Bitcoin carries a roughly 63% correlation with the S&P 500, meaning equity sentiment may matter more than crypto-native flows in the near term
- The levels to watch are real yields and the dollar: if both fall alongside oil, bitcoin has a cleaner path above its recent range; if yields stay firm, it likely stays pinned near $65,000
Why it matters: For bitcoin to break its $65,000 ceiling, three macro dominoes have to fall in order — oil lower, inflation expectations cooler, then real yields and the dollar down. With bitcoin 63% correlated to the S&P 500, equity traders now hold more influence over its next move than crypto-native buyers do, making Friday's jobs report a binary catalyst for both markets.
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