Crypto
Bitcoin Crumbles Below $79,000 as Rate Hike Odds Soar
Bitcoin (BTC) fell below $79,000 on Tuesday after the odds of a Federal Reserve rate hike rose to around 60% following Friday's jobs data.
The US added 162,000 jobs in August, exceeding expectations of 55,000, and the unemployment rate remained unchanged at 4.1%. This led to an increase in interest rate hike odds to 60%, according to CME's FedWatch tool.
LMAX Group Market Strategist Joel Kruger stated that the crypto market is displaying 'exceptional resilience' despite facing several headwinds, including US-Iran tensions and rising oil prices.
Bitfinex analysts believe BTC is consolidating with an upside bias, while CoinEx's Jeff Ko expects compression into a tight range capped around $82,000 with support at $78,000-$79,000.