Bitcoin Price Plunges 2% on Strong US Jobs Data

Bitcoin's price took a hit yesterday after stronger-than-expected U.S. jobs data was released, sparking rate-hike fears that erased $50 billion in market capitalization.

The price of Bitcoin fell from around $81,500 to $79,400 over the course of the day, resulting in liquidations totaling $400.54 million for 89,448 traders.

Despite this drop, analysts note that the bullish trend remains intact, with the price still above its 50-day exponential moving average (EMA) support at $78,551.92.

However, other technical indicators such as the MACD death cross and a neutral RSI reading of 52.88 suggest that a retracement towards lower Bollinger band support at $75,718.83 may be in store before the price continues upward.