Bitcoin pushed above $65,000 on Friday as President Donald Trump renewed his support for the U.S. crypto industry. Trump called crypto a “big deal” and warned that China could gain ground if Washington slows digital asset policy. His comments came as Bitcoin tested the upper end of its July trading range. Whale buying and spot ETF inflows also supported the move.
Trump Backs U.S. Crypto Leadership
Trump said the United States should protect its lead in digital assets. He singled out China and said Washington should not allow Beijing to take control of the sector. Trump also placed crypto alongside artificial intelligence as technologies that could shape global competition. President Trump noted that the U.S. should stay ahead as governments compete for influence over digital assets and AI.
The president made the comments while lawmakers struggled to advance the CLARITY Act before the Senate’s August recess. The bill seeks to establish federal rules for digital asset trading and define oversight roles for regulators. Senators failed to reach an agreement, pushing the next window for action into September.
Trump also addressed proposed ethics rules tied to crypto ownership by federal officials. Some Democrats want tighter restrictions on the president’s crypto interests before they support the bill. Trump said he could place assets in a blind trust while arguing against rules that could limit U.S. crypto activity.
Bitcoin Price Pushes Through $65,000
Bitcoin moved above $65,000 on Friday after spending recent weeks inside a broad consolidation range. The asset has traded between roughly $58,076 and $66,896 since early July. The latest move puts BTC close to the upper boundary, with $66,900 acting as a nearby technical level. The move kept Bitcoin near the top of a range that has shaped price action since July.
Bitcoin traded near $65,250 during Friday’s session after surging over 4% in the last month. Meanwhile, major cryptocurrencies also posted smaller moves. However, trading activity has stayed lighter than during earlier rallies.
Market data also shows smaller holders reducing exposure while larger Bitcoin wallets add coins. That shift has drawn attention to whether large holders can support another move toward the $70,000 area.
Whales and ETFs Add Buying Support
Santiment data shows wallets holding between 10 and 10,000 BTC increased their balances by 0.34% from July 29. Wallets holding less than 0.01 BTC reduced their balances by 0.59% over the same period. The difference shows accumulation among larger holders while smaller investors cut positions.
BTC Whales | Source: X
U.S. spot Bitcoin ETFs have also attracted fresh capital during August. The products recorded about $754.69 million in net inflows so far this month, according to Finbold. Their combined net assets stood near $78.77 billion. That demand stayed firm.
The ETF flows add another source of Bitcoin demand as the price approaches resistance near $66,896. A break above that area would place the $70,000 level back in focus for traders.
Weak U.S. Jobs Data Adds Another Boost
Meanwhile, U.S. employment data added another boost to risk assets on Friday. Nonfarm payrolls fell by 23,000 in July, far below the 83,000 increase economists expected. The unemployment rate slipped to 4.1%. Labor force participation also fell to its lowest level in more than five years.
Stock futures climbed after the report as traders increased bets that the Federal Reserve will keep rates unchanged in September. Nasdaq 100 futures rose 1.2%, S&P 500 futures gained 0.5%, and Dow futures added about 160 points. Fed funds pricing also favored a 3.50% to 3.75% policy range next month.
Bitcoin held above $65,000 after the jobs release as lower oil prices eased pressure across markets, while gold and silver moved higher.
