Bitcoin moved above $65,000 as weaker U.S. jobs data reduced expectations of a September Fed rate hike. MSTR also topped $100, while Pi Network led altcoin gains.
BTC$64,996.00+0.20%
PI$0.09128+3.40%The crypto market is showing signs of recovery on August 8 as traders react to weaker-than-expected U.S. jobs data and lower expectations for another Federal Reserve rate hike.
Bitcoin (BTC) briefly moved above $65,000, while Strategy (MSTR) shares closed above $100. Pi Network (PI) also stood out among altcoins, gaining about 4.6% to around $0.091.
The broader market remains cautious, but the latest move suggests that macroeconomic expectations are giving crypto bulls some room to recover.
Missed yesterday's market action? Read our Crypto Market Update August 7 to see how Cardano, XRP, ETF flows, and altcoin performance shaped the previous trading session.
One of the biggest drivers behind today's move is the latest U.S. jobs report.
The weaker labor market has reduced expectations of a Federal Reserve rate hike at its September meeting. Prediction-market data currently puts the odds of a September hike at around 37%, while the probability of rates remaining unchanged is about 63%.
Lower interest-rate expectations can support risk assets such as Bitcoin and other cryptocurrencies. Investors may become more willing to move capital into assets with higher potential returns when the pressure from tighter monetary policy decreases.
The market is also seeing broad gains. Most of the top 10 cryptocurrencies were trading higher, with Solana (SOL) among the strongest performers in the group after gaining around 2.8%.
The CLARITY Act is another factor traders are watching. The legislation could provide clearer rules for the U.S. crypto industry, although the Senate's next steps remain important for market sentiment.
The data shows that the market is recovering, but overall sentiment remains cautious. The Fear and Greed Index is still in the fear zone, suggesting that traders have not fully turned bullish.
Crypto derivatives activity also remains active.
Around $149 million in crypto positions were liquidated during the latest session. Long positions accounted for roughly $59 million, while short positions represented about $90 million.
Ethereum recorded the largest amount of liquidations at around $27 million, followed by Bitcoin at approximately $24 million. The largest single liquidation was an ETH/USDT position worth about $1.35 million on Binance.
Total crypto open interest stood near $115.59 billion, while derivatives trading volume increased to around $159 billion, up from approximately $152 billion on August 7.
The rise in short liquidations suggests that some traders were caught off guard by the market's recovery.
Bitcoin price briefly moved above the $65,000 level on August 8. This was the first time BTC traded above this psychological resistance since July 31.
ETF demand is also providing some support. According to SoSoValue data cited in the market report, U.S. spot Bitcoin ETFs recorded approximately $853 million in combined inflows between August 3 and August 7.
That marked the strongest weekly inflow period for Bitcoin ETFs since mid-April.
However, the recovery is not yet supported by strong spot trading activity. Glassnode data indicates that Bitcoin's spot market remains relatively quiet, suggesting that retail traders have not fully returned.
For Bitcoin to build a stronger recovery, increased spot trading activity could become important.
The $65,000 area is now the immediate level to watch. A sustained move above it could strengthen the recovery and bring higher resistance levels into focus.
On the downside, traders are likely to monitor the $63,000 area as near-term support. A move below that level could weaken the current recovery and bring lower support zones back into focus.
Strategy's MSTR stock also had a strong session.
MSTR gained around 3.26% on August 7, closing at approximately $100. This was the first time Strategy shares had closed above $100 since July 22.
The move came as Strategy's preferred STRC stock continued to recover toward its $100 par value.
Strategy has been using its capital strategy to support STRC around that level. The company has also indicated that a recovery in STRC toward $100 could allow it to resume Bitcoin purchases.
Because Strategy holds a large Bitcoin position, changes in its stock and capital structure can attract attention from Bitcoin traders.
A stronger MSTR could therefore become another positive signal for the broader crypto market, although it does not guarantee further Bitcoin gains.
Pi Network (PI) is also standing out in today's market.
PI climbed from around $0.082 on August 3 to approximately $0.0913, creating its strongest weekly green candle since April 2026.
The rally comes ahead of the planned Protocol 26 upgrade, scheduled for August 11.
Despite the recent price increase, technical indicators remain mixed.
PI's RSI is around 27, which places the token in oversold territory. This suggests that the recent recovery has not yet completely reversed the broader bearish momentum.
The Awesome Oscillator is also showing negative momentum, with red bars continuing to grow.
That means PI could remain vulnerable to selling pressure even after its latest gains.
For bulls, maintaining the recent recovery and breaking through nearby resistance levels would be important to confirm that the move is more than a short-term bounce.
The crypto market is starting August 8 on a stronger note, but several risks remain.
Bitcoin's ability to hold above or reclaim $65,000 will be important for the short-term trend. ETF inflows are providing support, but weak spot activity shows that broader market participation has yet to fully return.
MSTR's move above $100 is another development worth watching, especially as Strategy's preferred stock moves closer to its target level.
Meanwhile, Pi Network has become one of the day's strongest altcoin performers ahead of its Protocol 26 upgrade, although its technical indicators remain bearish.
Overall, the market is recovering, but traders are still waiting for stronger confirmation that the rebound can continue.
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