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Bitcoin traded largely flat near the $67,000 mark during Asian hours on Thursday, as investors digested stronger-than-expected U.S. employment data that reduced expectations for near-term Federal Reserve interest rate cuts.
The world’s largest cryptocurrency was last up 0.4% at $67,102.8, remaining capped below the key $70,000 level. Trading activity was muted, reflecting thinning liquidity and cautious positioning across digital asset markets. While Bitcoin has rebounded from a sharp drop toward $60,000 earlier this month, it has struggled to regain upside momentum, leaving prices range-bound.
U.S. jobs data weighs on rate-cut expectations
Data released on Wednesday showed U.S. nonfarm payrolls rose more than forecast in January, underscoring continued resilience in the labor market. The unemployment rate remained near multi-month lows, while wage growth stayed firm—signals that support the case for the Federal Reserve to keep interest rates higher for longer.
Following the report, traders scaled back bets on a near-term rate cut, with market pricing pointing to reduced odds of easing before June. Expectations of prolonged restrictive policy typically pressure risk-sensitive assets, including cryptocurrencies, by raising the opportunity cost of holding non-yielding investments.
Investors are now looking ahead to weekly U.S. jobless claims data due later on Thursday for additional insight into labor market conditions. Attention will then turn to Friday’s U.S. Consumer Price Index release, which could provide clearer guidance on inflation trends and the Fed’s policy outlook.
Bitcoin’s failure to break above $70,000 highlights cautious risk appetite and lingering volatility after its recent slump, keeping the market in a consolidation phase.
BlockFills halts withdrawals amid market stress
Adding to the cautious tone, crypto liquidity provider BlockFills has temporarily suspended client withdrawals amid the recent downturn in digital asset prices, according to multiple media reports. The move, which began last week, was described as a measure to protect clients and stabilize platform liquidity during stressed market conditions.
Clients are still able to trade spot and derivatives under certain conditions, the reports said. BlockFills serves more than 2,000 institutional clients and processed over $60 billion in trading volume in 2025. The decision echoes similar actions taken by crypto firms during previous market downturns.
Altcoins edge higher in range-bound trade
Despite Bitcoin’s consolidation, most major altcoins posted modest gains on Thursday.
Ethereum rose 1.1% to $1,972.92, while XRP advanced 1.6% to $1.38. Solana traded largely unchanged, while Cardano and Polygon climbed about 2.5% each. Among meme tokens, Dogecoin gained 2.2%.
Overall, the crypto market remained constrained by macroeconomic uncertainty, with traders awaiting fresh U.S. data to determine whether Bitcoin can break out of its current range or remain stuck below key resistance levels.
