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The digital asset market saw significant movement when Bitcoin posted a sharp rise following the release of the july U.S. jobs report, which showed a loss of 23,000 jobs compared to expectations of an increase of 80,000. This data fueled expectations that the Federal Reserve might cut interest rates, which benefits risky assets. Within hours, the price of Bitcoin rose from around $64,000 to $65,000.
However, analysts at Enor Securities warn that, although the rise is real, there is still not enough demand to sustain it. According to their analysis, the increase appears to be primarily related to the closing of positions that had bet on a price drop and to a favorable economic environment, rather than to the arrival of many new buyers.
Key indicators such as realized volatility, which fell below that of tech stocks, and open interest in futures which retreated to 2023 levels, suggest a phase of accumulation rather than market euphoria.
While the report shows inflows of $853.54 million, companies that hold cryptocurrencies as part of their reserves continue to increase their positions. For example, Strive added 20 BTC, while Bitmine increased its position in Ether.
The $64,000 level, which acted as resistance for weeks, is now being tested as support. Staying above this level would be key to preserving the bullish structure, while a drop below it could push the price back down to $62,000. breaking through the $66,000 barrier, accompanied by an increase in trading volume, would mark a new phase of upward movement.
In this context, Enor Securities emphasizes the importance of distinguishing between a movement driven by monetary policy expectations, and one built on organic demand. This distinction is a fundamental part of its approach to integrating digital assets within a regulated framework, in accordance with current institutional standards.
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