Bitcoin pushed back above $65,000 this week, up nearly 3% over the past seven days, as a weaker-than-expected US jobs report eased fears of further Federal Reserve tightening and lifted risk assets broadly. The move came alongside gains across most of the crypto majors, with the exception of XRP, which slipped roughly 4% on the week to trade near $1.03.
Ether climbed almost 3% to $1,919, BNB rose about 3% to $603, and Solana was the week's standout among large caps, adding nearly 5% to trade close to $77. Dogecoin held under 7 cents. The rally tracked a broader risk-on tone in traditional markets, where the S&P 500 touched a record high and the MSCI All Country World Index notched its seventh gain in eight sessions.
Inflation Report Looms Over the Rally
CoinDesk reported that the market's attention is now shifting to Wednesday's US consumer price index release for July, due at 8:30 a.m. ET. A hotter-than-expected print could revive rate-hike expectations and pressure bitcoin back down from its current levels, undoing much of the week's gains.
The setup echoes June's inflation report, when headline CPI fell 0.4% month over month against a forecast decline of just 0.1%, the sharpest single-month drop since the pandemic shock of April 2020. That cooler reading pushed bitcoin above $64,000 at the time and, according to CME FedWatch data, cut the market-implied odds of a July rate hike to under 17%. Traders will be watching Wednesday's release for whether core inflation confirms that trend or reverses it.
Technical Risks Still Simmering
The rally isn't happening in a vacuum. Bitcoin's broader ecosystem is still working through a run of security incidents, including a fourth wave of Coldcard hardware wallet sweeps, a critical BTCPay Server vulnerability that drained merchant Lightning nodes on Friday, and a contested BIP-110 chain split that briefly produced two competing blocks before stalling out. Those episodes follow a wider pattern of scrutiny on Bitcoin's hardware and node infrastructure, including the volunteer bug-hunting effort that emerged after an earlier Coldcard compromise.
Related: Bitcoin ETFs Post Best Week Since April on $853M Inflow
Commodities and Rates Point to a Mixed Backdrop
Outside crypto, oil climbed about 1% to $84.40 a barrel on Brent futures amid renewed Middle East tensions, while the 10-year Treasury yield ticked up one basis point to 4.66%. Chipmakers led the equity rally, gaining more than 1.5% on the day. Together, the moves suggest investors are pricing in a soft landing for the Fed's rate path, but with enough uncertainty left that Wednesday's inflation print could still swing sentiment sharply in either direction.
For now, bitcoin's ability to hold above $65,000 into the CPI release will be read as a signal of how much conviction is really behind the week's gains, versus how much is simply a relief rally after Friday's jobs data.
