Bitcoin faces $70,000 breakout or $60,000 drop this weekend as Hormuz tensions rise

Bitcoin traded near $65,000 heading into the weekend, sitting at the center of two macro forces pulling in opposite directions.The Aug. 7 jobs report weakened the case for a September rate hike, and tensions around the Strait of Hormuz threaten to revive the inflation trade that the report just cooled.The US economy lost 23,000 jobs in July, far short of the roughly 80,000 gain economists expected, a headline number that carries extra weight because the revisions made the preceding months look weaker.May and June payrolls were revised down by a combined 103,000, the labor-force participation rate slipped, and wage growth cooled alongside the miss. Traders responded by cutting the odds of a September Fed hike from 57% to about 44%.The two-year Treasury yield fell to about 4.193% and the 10-year to about 4.643%, and the dollar weakened on the release.Why Bitcoin has not moved despite the bullish setupWallets holding between 10 and 10,000 BTC have added more than 20,000 BTC since July 29, according to data from Santiment.US-traded spot Bitcoin ETFs pulled in $763.7 million this week, their strongest pace since April. Whales are buying, and ETFs are absorbing supply, while the jobs rep...