Bitcoin Price Slips Below $85,000 as Weak Jobs Data Rally Fades

Bitcoin's price has slipped to around $84,575 after failing to hold above $87,000, leaving nearby chart support under pressure. The retreat follows a brief rally on weaker U.S. jobs data that pushed Treasury yields lower.

The daily relative strength index stood at 60.69, below its moving average of 64.92. However, the reading remained above 50, indicating that upward momentum is still present, even if it's weakening.

QCP Capital noted that a Treasury relief rally would provide the cleanest upside catalyst for Bitcoin, as softer wage growth eases pressure on longer-term bond yields.