Bitcoin traded largely unchanged around the $67,000 mark during Thursday’s Asian session, as investors assessed stronger-than-expected U.S. labor market data that dampened expectations for near-term interest rate cuts by the Federal Reserve.
The world’s largest cryptocurrency rose 0.4% to $67,102.8 but remained capped below the key psychological level of $70,000. Market activity stayed subdued amid thinning liquidity, limiting price volatility.
Earlier this month, Bitcoin fell sharply to near $60,000, reflecting broader risk aversion and profit-taking pressure. While the digital asset has since staged a recovery, it has struggled to reclaim bullish momentum as it repeatedly failed to break above the $70,000 resistance zone.
Analysts note that Bitcoin’s inability to surpass this critical threshold signals cautious investor sentiment. With macroeconomic uncertainty still lingering, traders appear reluctant to initiate large new positions.
The market is currently in a consolidation phase, constrained by both technical resistance and shifting expectations around U.S. monetary policy.
Data released Wednesday showed that U.S. nonfarm payrolls increased more than forecast in January, indicating that the labor market remains resilient despite elevated interest rates.
The unemployment rate held near multi-month lows, while wage growth remained steady. These factors reinforce the view that the Federal Reserve may not rush to ease monetary policy.
Following the jobs report, traders scaled back bets on near-term rate cuts. Market pricing now suggests a lower probability of policy easing before June.
The “higher-for-longer” interest rate narrative typically pressures risk-sensitive assets such as cryptocurrencies. Elevated borrowing costs tend to reduce liquidity and diminish the appeal of non-yielding assets like Bitcoin.
This dynamic helps explain why Bitcoin at $67,000 has struggled to extend gains despite rebounding from recent lows.
After the employment report, market attention has shifted to two key upcoming releases:
Weekly U.S. jobless claims (Thursday) – offering additional insight into labor market conditions.
U.S. Consumer Price Index (CPI) report (Friday) – a crucial inflation gauge that could shape the Fed’s policy outlook.
If CPI data indicates further cooling inflation, expectations for rate cuts could resurface, potentially supporting risk assets. Conversely, persistent inflationary pressures may reinforce the case for prolonged restrictive policy, weighing on the cryptocurrency market.
Bitcoin’s near-term direction will likely hinge on how inflation data aligns with market expectations.
In other crypto-related developments, digital asset liquidity provider BlockFills reportedly suspended customer withdrawals amid heightened market stress.
According to multiple media outlets, including the Financial Times, the decision—implemented last week—was aimed at protecting both clients and the firm during a period of strained liquidity.
BlockFills serves more than 2,000 institutional clients and processed over $60 billion in trading volume in 2025, according to reports. While withdrawals have been paused, customers are still able to trade spot and derivatives positions under certain conditions.
The move echoes similar actions taken by crypto firms during previous market downturns. However, there are currently no signs of broader systemic contagion.
While Bitcoin remained range-bound, most major altcoins recorded slight gains in Thursday’s session.
Ethereum, the world’s second-largest cryptocurrency, rose 1.1% to $1,972.92, though it continued to trade below the $2,000 level.
XRP gained 1.6% to $1.38.
Cardano and Polygon both advanced around 2.5%.
Solana traded largely flat.
Among meme tokens, Dogecoin rose 2.2%, reflecting selective risk appetite in segments of the market.
Overall, however, the broader cryptocurrency market remained cautious, with narrow trading ranges and subdued volumes.
The $70,000 level remains a crucial psychological and technical resistance for Bitcoin. A decisive breakout above this threshold could trigger renewed buying interest and attract fresh capital inflows.
On the downside, if macroeconomic pressures intensify—particularly in the event of stronger-than-expected inflation data—Bitcoin could face renewed downside risk toward support levels around $64,000–$65,000.
In the short term, Bitcoin’s trajectory will largely depend on:
U.S. inflation data.
Federal Reserve policy signals.
Global liquidity conditions.
Until greater clarity emerges, Bitcoin is likely to continue trading within a narrow range near $67,000.
Bitcoin’s stabilization around $67,000 reflects a fragile balance between easing hopes and resilient U.S. economic data. Stronger labor market figures have dampened expectations for imminent Fed rate cuts, limiting upside momentum in the crypto market.
All eyes now turn to the upcoming U.S. CPI report, which could provide clearer direction for both monetary policy and Bitcoin’s short-term trend.
In the meantime, investors are advised to maintain disciplined risk management strategies as macroeconomic uncertainty continues to drive market sentiment.
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