Bitcoin Price Holds Below $80K as Traders Await Inflation Data

Bitcoin's price has stalled below $80,000 as traders await key inflation data before the Federal Reserve's September 16 meeting. The cryptocurrency peaked at around $82,000 last week but gave back some of its gains after stronger-than-expected U.S. jobs data was released on Friday.

The August employment report showed that the economy added 162,000 jobs, well above the expected 55,000, while unemployment remained at 4.1%. This has increased expectations for a possible Fed rate hike to about 60%.

Despite higher Treasury yields and the strengthening U.S. dollar, Bitcoin remains resilient, according to LMAX strategist Joel Kruger. U.S. spot Bitcoin exchange-traded funds recorded $987 million in net inflows last week, marking a third straight week of positive flows.