In this video, we break down Bitcoin on the 1hr chart using Elliott Wave Theory. You’ll discover both bullish and bearish scenarios, plus the critical price levels and targets to watch. Video by Koenz Trading.
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Bitcoin (BTC) is trading tightly near the $65,000 mark, hovering between $64,118 and $65,078. The cryptocurrency surged briefly following the release of the U.S. nonfarm payrolls report, which revealed the U.S. economy lost 23,000 jobs in July (well below the forecast of an 80,000 gain). This cooling labor market has driven down U.S. Treasury yields and softened the dollar, bolstering demand for digital assets.
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Bitcoin Insights Today
-U.S. Jobs Data Impact: The weaker-than-expected July nonfarm payrolls report has triggered market bets that the Federal Reserve will abandon its hawkish stance in favor of aggressive policy easing, lowering the opportunity cost of holding non-yielding crypto.
-Clarity Act Pushed Back: Senate Majority Leader John Thune confirmed that the floor vote for the Digital Asset Market Clarity Act (H.R. 3633) is officially delayed until September due to unresolved ethics provisions.
-Saylor's Stance: MicroStrategy Executive Chairman Michael Saylor brushed off the legislative delay, asserting that while the U.S. needs settled rules to protect property rights, decentralized Bitcoin will succeed with or without federal laws.
-Whale Accumulation: Large Bitcoin holders ("whales" and "sharks" holding 10 to 10,000 BTC) have accumulated over 20,000 BTC—worth roughly $1.2 billion—since late July.
-ETF Momentum: U.S. spot Bitcoin ETFs have maintained strong institutional interest, drawing in $754 million in net inflows over the first week of August.
-Coinbase Premium Deficit: Despite localized price resilience, the Coinbase Bitcoin Premium Index has logged negative premiums for 80 consecutive days, indicating subdued retail demand compared to institutional accumulation.
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