Bitcoin Dips Below $79,000 Amid Strong US Jobs Data

Bitcoin's price dropped by 1.55% to $78,564.71 over the past 24 hours, dipping below $79,000 as strong U.S. jobs data and higher Treasury yields put pressure on risk assets. This decline was partly due to short-term whales holding approximately $9.07 billion in unrealized profits, which added to selling pressure.

Furthermore, leveraged long liquidations also contributed to the downward trend. Bitcoin had been rejected near the $80,500 resistance level, which may have played a role in its recent decline. The price is currently hovering around the $78,000 mark.