The July jobs report suggests that the labor market is cooling down, in line with the Federal Reserve's efforts to control inflation. Nonfarm payrolls were expected to increase by 200,000 but fell short at 187,000. The unemployment rate remained steady at 3.5%, which is within the range of 3.4% to 3.7% since March 2022. The S&P 500 had a minimal reaction to the report, dropping around 0.15%. Meanwhile, Bitcoin rose above $29,200 on Coinbase after a volatile 24 hours. Andjela Radmilac, an analyst at CryptoSlate, has a classical education and a passion for news, and has been covering the crypto industry since 2018.

Bitcoin may be showing a key signal for its short-term price action, according to on-chain analytics firm Santiment. The firm reports that Bitcoin has seen its highest level of single-day address activity in three and a half months, with 1.07 million unique addresses interacting with the network. This increase in utility, along with big-loss transactions and negative sentiment, could indicate a short-term price bounce. 

A report from Grayscale, a crypto investment firm, suggests that Bitcoin will play a significant role in the 2024 U.S. presidential election, as Millennials and Gen Zers will make up 44% of the electorate. The report argues that this demographic distrusts institutions and feels insecure about their financial future, leading to a growing awareness of alternatives to fiat currencies. 

According to a report by Grayscale, the crypto market in July reflected the broader economic sentiment surrounding the possibility of a soft landing for the US economy. The report states that recent data suggests low inflation and consistent growth, reducing the risk of a recession. However, the possibility of a soft landing is not guaranteed, and the crypto recovery may pause if the economy stumbles or the Federal Reserve raises real rates further. The report also notes that while Bitcoin remained relatively stable, other risky assets such as US regional bank equities and crude oil performed well, while Ethereum showed more volatility. The US District Court ruling on SEC v. Ripple Labs was a significant event in July, impacting several other tokens and reflecting broader market dynamics.

Bitcoin is currently experiencing low volatility, with its price remaining within 10% of its one-year high of over $31,000. Despite pending decisions from the Securities and Exchange Commission regarding applications for spot bitcoin ETFs, analysts predict that this stagnation will continue in the short-term. Financial institutions such as BlackRock and Fidelity have filed for spot funds, but the SEC can delay the review process, leading to uncertainty about the sustainability of the current optimism. 

The amount of bitcoin held in addresses linked to over-the-counter (OTC) desks, which is often seen as an indicator of institutional activity, has dropped to its lowest level since June 15. However, this measure is subject to labeling errors and can be interpreted differently. The OTC desk balance currently stands at 5,138 BTC, worth approximately $150 million at the current market price of $29,225.

A prominent trader known as DonAlt is warning about Bitcoin's failure to break above a key resistance level, causing him to feel "very, very bearish" about the cryptocurrency. DonAlt cites Bitcoin's inability to climb above the resistance level at around $32,000, despite global stock markets demonstrating strength, as a reason for his bearish sentiment. He also notes that Bitcoin's downward trend in a positive news environment is concerning. DonAlt believes that Bitcoin is losing support and grinding lower, which is not a good sign for those who want to hold onto the cryptocurrency.

The use of cryptocurrency has grown significantly in recent years, with many large companies adopting blockchain technology. While Bitcoin remains the most valuable and popular digital currency, other cryptocurrencies like Ethereum and Tether have also made an impact. This has resulted in more online platforms and physical stores accepting crypto payments, making transactions faster and more convenient for consumers.

Bitcoin miners may need a price above $100,000 for profitability rather than just a prediction, according to a recent report. While publicly-listed Bitcoin mining stocks have outperformed BTC in recent months, the upcoming halving could pose a challenge to their business models. The report highlights that miners may need a Bitcoin price of nearly $100,000 to justify their current valuations post-halving.

According to a popular crypto trader, Bitcoin could benefit from two upcoming events: the halving and the potential approval of a BTC ETF in the US. Despite recent market difficulties, the trader believes there is a lot to look forward to in the future. However, they also warn that there may be more difficult times ahead in the short term, but that there is still light at the end of the tunnel. Bitcoin is currently trading at $29,162.