Crypto
Bitcoin Price Drops Below $80K as Jobs Report Shifts Investor Expectations
The Bitcoin price has dropped below $80,000 after an earlier rejection near $81,500, according to Friday's market data. With short-term support at $79,000 in sight, investors may see this as a buying opportunity.
The US Services PMI improved to 55.4 in August from 54.1 in July, aligning with positive market sentiment. This boost was followed by the release of the US Nonfarm Payrolls data, which showed an increase of 162K jobs in August, exceeding consensus forecasts of 56K.
The surge in employment led to a shift in investor expectations, with the Federal Reserve Watch tool indicating a 60% probability that interest rates will rise to the 3.75%-4.00% range from 49% previously.