Bitcoin Holds Steady Near $80K Amid Rising Rate Hike Expectations

Bitcoin's price held steady near $80,000 on Monday despite stronger-than-expected US employment data and rising Treasury yields. The cryptocurrency has shown 'exceptional resilience' in the face of potential catalysts for a correction, according to LMAX Group Market Strategist Joel Kruger.

The August US jobs report showed that employers added 162,000 jobs, well above expectations of 55,000. This increase in employment data has increased expectations that the Federal Reserve could raise interest rates at its Sept. 16 meeting, with an implied probability of around 60% for a 25-basis-point hike.

However, continued inflows into spot Bitcoin ETFs have provided support to the cryptocurrency's price. US spot Bitcoin ETFs recorded $987 million in inflows last week, extending their positive streak to three consecutive weeks.