Bitcoin Price Rebounds as Bulls Regain Control Despite Strong Jobs Data
Bitcoin's price has been steadily increasing over the past week, reaching $79,697 on September 6. Despite the strong jobs data released on Friday, which initially sent the price crashing by $1,600 in just three minutes to below $80,000, the bulls have regained control.
The weekly chart shows that Bitcoin has broken above a descending trendline that had rejected every prior rally attempt since late 2025. The price is now sitting above its 20-week EMA at $70,989 and its 50-week at $77,361, with the weekly Bull Market Support Band at $70,136 well below.
According to expert Benjamin Cowen, the strong jobs data has increased the odds of a Fed rate hike at the September 16 meeting. However, despite this, he still believes that Bitcoin's price could reach $84,000 if it can reclaim the 2-hour PSAR flip at $80,182 and hold above $77,500.
The derivatives market is also showing signs of a bullish sentiment, with longs taking nearly all the damage from the drop. The top traders on Binance are still leaning long, and Cowen notes that this is usually a sign that the experienced money is not spooked by a single event.