Bitcoin climbs to $63,700 as traders eye Fed minutes and jobs data

Bitcoin rose 2.7% over the weekend to $63,700, its highest level in two weeks, as traders positioned for a packed week of U.S. economic data.

Bitcoin rose 2.7% to $63,700 on Monday, its highest level in two weeks, ahead of Federal Reserve minutes and June jobs data due this week.

"The weekend rally reflects traders positioning for a potential dovish tilt in the Fed minutes, which could provide a tailwind for risk assets if inflation continues to moderate," Nina Volkov, a crypto macro analyst, said. "The jobs data will be the real test — a soft print could push BTC toward $65,000."

The gain extended a weekend advance that began Saturday as Asian markets opened, with Bitcoin climbing from around $62,000. The move above $63,700 marks the highest price since late June, according to CoinGecko data. Open interest across derivatives exchanges rose during the rally, suggesting new longs rather than short covering drove the move. Bitcoin's market capitalization stood at about $1.26 trillion, with dominance near 52%. The 50-day moving average, currently near $62,800, has flipped to support, with the next resistance level at $64,500.

The week ahead carries significant macro risk. The Fed will release the minutes from its June meeting on Wednesday, followed by the June nonfarm payrolls report on Friday. A softer-than-expected jobs number could reinforce expectations for rate cuts later this year, historically a positive catalyst for Bitcoin. On the downside, a strong print that keeps the Fed hawkish could pressure BTC back toward the $60,000 support level. MicroStrategy Chairman Michael Saylor has projected Bitcoin could reach $1.3 million by 2035, though near-term price action remains tied to macro data releases. The CLARITY Act, a proposed U.S. regulatory framework for digital assets, also remains on the legislative calendar, adding a policy dimension to the macro picture. Ether, the second-largest cryptocurrency by market cap, traded at $3,420, up 1.8% on the day, tracking Bitcoin's move higher.

This article is for informational purposes only and does not constitute investment advice.