NEW YORK — Bitcoin extended its recovery toward $70,000 on Friday, building on a rebound above $64,000 earlier this week as institutional buyers returned to US spot exchange-traded funds following weaker-than-expected US jobs data.

Analysts at Coinbase and Kraken attributed the move to renewed inflows into spot Bitcoin ETFs managed by BlackRock and Fidelity, alongside growing market expectations that the Federal Reserve would cut interest rates in September. Lower rates typically favour risk assets.

Data from the US Bureau of Labor Statistics released Friday showed July job growth fell below 100,000, reinforcing monetary easing expectations. Traders responded by lifting Bitcoin and other digital tokens including Ether, which also posted gains.

The rally unfolded against continued regulatory scrutiny of the sector. A Bitcoin robbery case saw two Missouri men charged in connection with a Connecticut plot, underscoring law enforcement warnings that rising prices often coincide with increased fraud and theft targeting holders.

Market strategists cautioned that volatility remained elevated. A spokesperson for crypto data firm Kaiko said thin summer liquidity could amplify price swings in either direction over the coming days.