Bitcoin Stalls Below $64,000 as Traders Await Key US Jobs Report

Bitcoin edged lower on Friday, struggling to break past the $64,000 resistance level as cryptocurrency markets adopted a cautious stance ahead of the release of key U.S. non-farm payrolls data.

The world's largest cryptocurrency was trading down 0.7% at $64,404.2 as of 2:21 AM ET, according to Investing.com data. While on track for a weekly gain of approximately 2.5%, Bitcoin has remained largely range-bound between $62,000 and $65,000.

Focus Shifts to Non-Farm Payrolls

Market participants are closely watching the upcoming U.S. jobs report for clues on the Federal Reserve's next move on interest rates. The data is a primary indicator of economic health and, along with inflation, is a core factor in the Fed's policy decisions.

Recent statements from Fed officials have highlighted concerns over persistent inflation. A stronger-than-expected jobs report could be interpreted as giving the central bank more leeway to maintain higher interest rates for longer, a scenario that typically dampens investor appetite for speculative assets like cryptocurrencies.

Mining Sector Under Pressure

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The prolonged period of stagnant Bitcoin prices is weighing on the profitability of crypto miners. Marathon Digital (NASDAQ: MARA), one of the largest U.S.-based Bitcoin miners, reported disappointing second-quarter results on Thursday.

The company posted a loss of $1.60 per share, starkly missing analyst expectations for a profit of $0.35 per share. Revenue of $174.9 million also fell short of forecasts, marking the firm's third consecutive quarterly loss. In response to compressed mining margins, Marathon reiterated its plans to expand into artificial intelligence computing services. The company's stock fell more than 5% following the announcement.

Altcoins Show Mixed Performance

The broader cryptocurrency market was subdued on Friday, with altcoins showing divergent performance for the week.

• Ethereum (ETH), the second-largest cryptocurrency, fell 0.4% but was up 3.3% for the week.
• XRP dropped 2.4% and was on track for a weekly loss of over 3%.
• Solana (SOL) was down 1.6% but remained flat for the week.
• Cardano (ADA) was a notable outperformer, posting a weekly gain of 15%.