Bitcoin Tops $65,000 After Trump Reaffirms Support for U.S. Crypto Leadership

Bitcoin climbed above $65,000 on Friday after President Donald Trump reiterated his backing for the U.S. crypto sector, calling digital assets a "big deal" and warning that China could gain an edge if Washington slows its policy efforts. The move came as BTC probed the top of its July range, with additional support from whale accumulation and continued spot ETF inflows. Trump Renews Push for U.S. Crypto Lead Trump said the United States should defend its advantage in digital assets, arguing Washington must not allow Beijing to seize control of the industry. He grouped crypto with artificial intelligence as strategic technologies shaping global competition, and said the U.S. needs to stay ahead as governments vie for influence in both areas. His remarks arrive as lawmakers struggle to move the CLARITY Act before the Senate's August recess. The legislation aims to create federal rules for digital asset trading and clarify regulatory oversight. Senators have not reached an agreement, leaving the next viable window for progress in September. Trump also addressed proposed ethics rules related to crypto holdings by federal officials. Some Democrats are seeking tighter restrictions on the president's crypto interests as a condition for supporting the bill. Trump said he could place assets in a blind trust, while opposing rules he believes could constrain U.S. crypto activity. Bitcoin Breaks Above $65,000, Nears Range Ceiling BTC moved above $65,000 after weeks of consolidation. Since early July, Bitcoin has traded roughly between $58,076 and $66,896, and the latest push brings it close to the upper boundary. The $66,900 area remains a key nearby technical level. Bitcoin traded near $65,250 during Friday's session after gaining more than 4% over the past month. Major cryptocurrencies posted smaller advances. Overall trading activity remains lighter than in prior rallies. Market data also points to smaller holders trimming exposure while larger wallets add coins, raising questions about whether big buyers can fuel another push toward $70,000. Whale Accumulation and ETF Inflows Support Demand Santiment data shows wallets holding between 10 and 10,000 BTC increased balances by 0.34% from July 29. Wallets holding less than 0.01 BTC cut balances by 0.59% over the same period, highlighting accumulation among larger holders as smaller investors reduce positions. U.S. spot Bitcoin ETFs have also drawn fresh capital in August. According to Finbold, the group has recorded about $754.69 million in net inflows month-to-date, with combined net assets near $78.77 billion. The steady demand adds another source of support as Bitcoin approaches resistance around $66,896. A clear break above that zone would put $70,000 back on traders' radar. Soft U.S. Jobs Report Lifts Risk Appetite U.S. labor data also helped boost risk assets on Friday. Nonfarm payrolls fell by 23,000 in July, well below expectations for an 83,000 increase. The unemployment rate edged down to 4.1%, while labor force participation dropped to its lowest level in more than five years. Stock futures advanced after the release as markets leaned further toward expectations the Federal Reserve will hold rates steady in September. Nasdaq 100 futures gained 1.2%, S&P 500 futures rose 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 remained above $65,000 after the report. Lower oil prices eased broader market pressure, while gold and silver moved higher.