Bitcoin Price Falls Below $80K as Strong Jobs Data Lifts Rate-Hike Expectations

The price of Bitcoin fell below $80,000 after stronger-than-expected US employment data lifted Federal Reserve rate-hike expectations.

The US Bureau of Labor Statistics reported that nonfarm payroll employment increased by 162,000 in August, well above the average monthly gain of 31,000 recorded over the previous 12 months. The unemployment rate held at 4.1%.

Citigroup moved its forecast for the Fed's next rate cut to June 2027 from October 2026 after the data release, and Treasury yields rose as a result.

Rain, an analyst, said that Bitcoin's decline was triggered by the employment report, but noted that technical charts had already shown resistance near $82,500 before the data arrived.