Bitcoin Nears $78,000 as Soft Jobs Data and Easing Yields Boost Demand

Bitcoin prices are inching closer to $78,000 after investors tempered their expectations for another interest-rate hike by the Federal Reserve following a weak August private-payrolls reading.

The jobs data showed US private employers added only 38,000 jobs in August, a seven-month low and below forecasts. This led traders to reassess the odds of a September move, with implied probabilities for a 25-basis-point rise at the 15th-16th meeting dropping to around mid-to-high-50s.

The US Treasury yield also eased, slipping from multi-year highs to around 4.74 per cent on Thursday, while US spot Bitcoin exchange-traded funds (ETFs) recorded net inflows of about $101.1 million on September 2nd.

Analysts noted that key technical and on-chain markers remain in focus, with the 'True Market Mean', an average cost basis for active Bitcoin investors, estimated at roughly $76,350 by Bitfinex. This level is seen as nearby support if momentum cools down.