Bitcoin breaks $65,000: 4 factors fueling today's BTC price surge
- By Maria Lopez -
- Aug 08, 2026
Bitcoin (BTC) is finishing the week on a higher note, re-testing the psychological resistance at $65,000 as the US labor market tightens and whales acquire more BTC amid strong institutional spot ETF inflows.
As of today, Aug. 8, Bitcoin is trading at around $64,984, up 1.3% in 24 hours and about 3.1% for the week.
1. Weak US Nonfarm Payrolls Suggests Fed Will Pivot from Monetary Policy Tightening
The foremost reason for the crypto uptick is the recently released US jobs numbers: -23,000 non-farm payroll jobs lost vs an expected 80,000 increase for July, per latest jobs data.
Consequently, expectations are growing that the Federal Reserve will continue easing its policy, thereby lowering interest rates and strengthening USD indices (DXY).
In reality, interest rates that weaken as a scarce non-yielding risk asset, BTC increases in relative value through liquidity enhancements globally.
2. Spot Bitcoin ETF Flows Exceed US$750 million This Week
Institutional buying interest in spot Bitcoin ETFs continues strong, after August marked a quieter end to July. August month to date’s net ETF inflows just pushed beyond $750 million, which would absorb daily mining outputs and even OTC supply thereby establishing a significant support level for BTC over $64k.
3. US$1.2 Billion Bitcoin Acquired by Whales
On-chain analysis indicated that addresses holding between 10 and 10,000 BTC accumulated in excess of 20,000 BTC or around $1.2 billion since late July-smart money, that believes in the Bitcoin thesis long term.
4. Short Squeeze Propels Prices Higher after Derivatives liquidation
As prices rally past local support at $64,500 – forced short positions were liquidated, further driving this brief spike in prices that temporarily breached the resistance at $65,330 prior to encountering book resistance .
Bitcoin Market Overview and fiat currencies vs BTC
BTC Prices as of August 8 (16:55:13 GMT) … USD, GBP and EUR, and also the real rate. Also check real marketcap or index value for BTC over global markets ..etc .
For more details on #bitcoin or other digital currencies visit CoinDesk, coin Telegraph and other cryptocurrency information centers…. The BTC prices are quoted in USD, EUR, and GBP.
These real-time rates were compiled through CoinMarketCap and CoinDesk … .etc
Technical Outlook: Could Bitcoin Rise past $65,500?
Today’s developments improved investor sentiment, however a $65,000 resistance level is likely the peak if we look to the charts. But if bulls could push bitcoin beyond $65,500, an up-tick might occur towards $68,000 with a potential psychological target near $70k if more institutional funds push prices that far high… IfBTC’s push past the current resistance of US$65k failed, prices should consolidate towards last week’s area support at $64k or below to retest key structure levels $62,500 and lower.