Bitcoin Price Suffers 1.55% Decline Amid Strong U.S. Jobs Data

Bitcoin's price fell by 1.55% over the past 24 hours, dipping below $79,000 to reach $78,564.71.

This decline can be attributed to strong U.S. jobs data and higher Treasury yields, which put pressure on risk assets. Short-term whales are holding approximately $9.07 billion in unrealized profits, while leveraged long liquidations added to the selling pressure.

The price of BTC was also rejected near the $80,500 resistance level, further contributing to its decline. The support level at $78,000 remains crucial; if it breaks below this level, Bitcoin could plummet towards $77,200. However, holding onto this level may support consolidation.